Question 7 (4 points) At what point do product costs appear as an expense on the income statement? When goods are transferred out of WIP Inventory When finished goods are sold When product costs are transferred out of Materials Inventory When product costs are entered into production Question 8 (4 points) Under a normal costing system, which costs never enter the work-in-process account? direct materials applied overhead direct labor actual overhead Question 9 (4 points) Avery Company has provided data concerning the company's manufacturing overhead account for the month of October. Prior to closing the overapplied or underapplied balance to COGS, applied overhead was $51,000 and total manufacturing overhead was $63,000. Based on this information, which of the following statements is true? Actual manufacturing overhead incurred during the month was $51,000. Manufacturing overhead for the month was underapplied by $12,000. Manufacturing overhead for the month was overapplied by $12,000. Manufacturing overhead applied to WIP during the month was $63,000