A number of terms are listed below: Source document Actual Cost tracing Cost allocation rate…

A number of terms are listed below: Source document Actual Cost tracing Cost allocation rate Proration Opportunity cost Cost pool REQUIRED Select the terms from the above list to complete the following sentences. 1. __________ spreads under-allocated overhead or over-allocated overhead among ending work-in-process inventory, finished goods inventory, and cost of goods sold. 2. The benefits of using a(n) __________ cost system is that your costing information is very accurate. 3. The __________ is the result of dividing the indirect cost pool by the cost allocation base. 4. A __________ is an original record that supports journal entries in an accounting system. 5. A(n) __________ is the contribution to income lost or forgone by not using a limited resource in its next-best alternative use. 6. _________ is the assigning of direct costs to the chosen cost object. 7. A _________ is a grouping of individual cost items.