The assembly dept. requisitioned raw materials from the warehouse having a cost of $5.000 while the finishing department requisitioned raw materials costing $2,000 from the warehouse. Provide the necessary journal entries.

Provide the journal entry for the finished goods dept. if manufacturing overhead applied to that department is $1,000.

Goods have been sold that cost $3.000 to make. Provide the journal entry to record the costs associated with the sale.

TRUE/FALSE A production cost report is prepared for each department. ___________________--

TRUE/FALSE Managers use production cost reports to determine prices. ________________-

TRUE/FALSE The cost flows in a process cost system are similar to cost flows in a job costing system. _____________________

TRUE/FALSE Equivalent units determine how many units will be manufactured at the current production rate. ______________________