ECONOMICS

Detailed explanation-1: -In a job-order costing system, a job-cost sheet is used to record all manufacturing costs. These costs include direct material, direct labor and manufacturing overhead. Actual direct material and actual direct labor costs will generally be used since these costs are traceable to the product.

Detailed explanation-2: -2. Which entry is recorded when materials are moved from storeroom to production? b. Debit Raw Materials and Credit Work in Process.

Detailed explanation-3: -Answer and Explanation: The correct answer is a. Materials requisition slip. Material requisition slip is a document used to record the used direct materials or amount of direct materials that were transferred from raw materials to work in process account during the period.

Detailed explanation-4: -The work-in-process inventory account is debited with the direct materials and direct labor costs incurred in the factory as well as the overhead costs applied to the goods being manufactured.