21.When direct materials are applied to the production process, materials inventory is debited and work in process is credited. 22.A debit balance in the Direct Labor account represents a...

21.When direct materials are applied to the production process, materials inventory is debited and work in process is credited.

22.A debit balance in the Direct Labor account represents a liability for wages payable.

23.Costs to repair equipment are considered a direct cost.

24.The costs of storing and delivering finished goods are allocated to the finished goods account.

25.A schedule of the cost of finished goods manufactured summarizes the flow of manufacturing costs into and out of the finished goods inventory account.

26.The "cost of finished goods manufactured", which appears on the bottom of the Schedule of Finished Goods Manufactured, flows to the balance sheet and is reported as the ending inventory balance.