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Process cost accounting

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1. If the factory labor cost for a month was $123,000 (paid in cash), the following journal entry would be recorded by the process cost accounting system

Factory Payroll 123,000
Cash 123,000

True/False

2.If actual overhead incurred during a period exceeds applied overhead, the difference will be a credit balance in the Factory Overhead account at the end of the period

True/False

3.To determine unit cost under a process cost accounting system, equivalent units produced must be calculated if the company has goods in process inventories

True/False

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The solution explains some true/false questions relating to process costing.

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1. True
The factory payroll will later be apportioned into goods in process and ...

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