ECONOMICS

Detailed explanation-1: -Answer and Explanation: In process costing, factory overhead and direct labor costs are debited to the Work-in-Process Inventory account of each production department.

Detailed explanation-2: -Job order costing is used to measure the revenue gained against the expenses incurred during the production process so that we can determine the profit for every unique job which is being manufactured.

Detailed explanation-3: -Manufacturing overhead applied are the overhead costs added or applied to each job during the production process. These costs are added to work-in-process to become part of total manufacturing costs along with direct materials and direct labor.

Detailed explanation-4: -Question: When manufacturing overhead costs are assigned to production in a process cost system, they are debited to: A. the Finished Goods Inventory account.

Detailed explanation-5: -Answer and Explanation: To record the application of manufacturing overhead to work in process, a credit must be made to manufacturing overhead to reduce the balance in the account and move it into production with a debit to work in process. The work in process account is increased with a debit.