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5. (TCO F) Which of the following statements is true?
5. (TCO F) Which of the following statements is true?I. Overhead application may be made slowly as a job is worked on.II. Overhead application may be made in a single application at the time of completion of the job.III. Overhead application should be made to any job not completed at year-end in order to properly value the work in process inventory.(Points: 6)Only statement I is trueOnly statement II is trueBoth statements I and II are trueStatements I, II, and III are all true