1. All of the following are reasons to assign estimated overhead to inventoryexcept:managers need to use estimated overhead to control earnings. management reduces the distortions that would come from...

1. All of the following are reasons to assign estimated overhead to inventoryexcept:managers need to use estimated overhead to control earnings. management reduces the distortions that would come from actual monthly overhead. managers need to know if production costs are higher than expected as soon as possible. managers need cost information as soon as possible after production.2. Paying for factory utilities is a(n):asset exchange transaction. asset use transaction. asset source transaction. claims exchange transaction.3.A credit to the raw materials account represents:raw materials added to production. none of these. raw materials purchased. raw materials available for use.4. The Winchester Company estimates for the 2014 accounting period that its overhead costs will amount to $595,000 and that it will work 85,000 direct labor hours. If actual overhead costs for the year amounted to $599,000 and actual labor hours amounted to 87,000, then overhead would be:under applied by $10,000. underapplied by $4,000. overapplied by $14,000. overapplied by $10,000.5. Grimes Company sold 2,500 units that had cost $12,000 to produce. The recording of the sale would include an increase to:finished goods. cost of goods sold. manufacturing overhead. cost of goods manufactured.6. Product costs are expensed as cost of goods sold:at the start of production. when the related revenue is collected. when the related products are sold. when production is complete.Travis Company had no beginning work in process inventory. Its total manufacturing costs for the year were $427,000. If cost of goods manufactured was $332,000 and cost of goods sold was $250,000, the amount of ending work in process inventory would have been:$105,000. $82,000. $127,000. $95,000.