Over-applied overhead happen whenSelect one:O a. Actual costs are more than the total amount of overhead allocatedb. Actual costs are equal to the total amount of overhead allocatedO c. None of the aboveO d. Actual costs are less than the total amount of overhead allocated

Name: Over-applied overhead happen whenSelect one:O a. Actual costs are mor
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Description: Over-applied overhead happen whenSelect one:O a. Actual costs are more than the total amount of overhead allocatedb. Actual costs are equal to the total amount of overhead allocatedO c. None of the aboveO d. Actual costs are less than the total amou

Over- applied Overhead is favourable Variance

Business

Accounting

Over-applied overhead happen when Select one: O a. Actual costs are more than the total amount of overhead allocated O b. Actual costs are equal to the total amount of overhead allocated O c. None of the above O d. Actual costs are less than the total amount of overhead allocated

Over-applied overhead happen when Select one: O a. Actual costs are more than the total amount of overhead allocated O b. Actual costs are equal to the total amount of overhead allocated O c. None of the above O d. Actual costs are less than the total amount of overhead allocated

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 11MC: Which is not a task typically associated with ABC systems? A. calculating the overhead application...

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Which is not a task typically associated with ABC systems? A. calculating the overhead application rate for each cost pool B. applying a single cost rate C. identifying a cost driver D. more correctly allocating overhead costs
Underallocated overhead occurs when: A) allocated overhead costs are less than actual overhead costs. B) actual overhead costs are less than allocated overhead costs. C) estimated overhead costs are greater than budgeted overhead costs. D) estimated overhead costs are greater than actual overhead costs.
Overhead costs are underapplied if the amount applied to Work in Process is: a . equal to actual overhead incurred . b . equal to estimated overhead . c . greater than estimated overhead . d. None of the given answer is correct e. greater than actual overhead incurred.
If the actual overhead costs incurred are in excess of the applied overhead costs, the difference is called what? a) Predetermined overhead rate b) Underapplied overhead c) Overapplied overhead d) Gross margin
Overhead costs are underapplied if the amount applied to Work in Process is: of the given answer is correct b. greater than estimated overhead. equal to estimated overhead. d. greater than actual overhead incurred. e equal to actual overhead incurred.
Under-allocated manufacturing overhead costs are always the result of which of the following situations? Select one: A. Estimated overhead costs are greater than actual overhead costs. B. Applied overhead costs are less than actual overhead costs. C. Actual overhead costs are greater than estimated overhead costs. D. Actual overhead costs are less than applied overhead costs.
Overapplied overhead will result if A. the plant is operated at less than expected capacity. B. overhead costs incurred were greater than estimated overhead costs. C. overhead costs incurred were less than overhead costs charged to production. D. overhead costs incurred were greater than overhead charged to production.
32.If actual overhead is greater than applied overhead, which of the following will be true? Upon closing, a. Overhead is underapplied; COGS is credited b. Overhead is underapplied; COGS is debited c. Overhead is overapplied; COGS is debited d. Overhead is overapplied; COGS is credited
The following statements are correct except?A. ABC eliminates issues of over or under absorptionB. CDR is calculated as total cost pool of the activity cost center divided by total cost driver of the activityC. ABC method and traditional method are used to apportion overhead costD. ABC method is a replacement for a company’s usual traditional method
Production cost under marginal costing includes [A] prime cost only [B] prime cost and fixed overhead [C] prime cost and variable overhead [D] prime cost, variable overhead and fixed overhead
If the actual amount of the manufacturing overhead allocation base is greater than the estimated amount of the allocation base used to calculate the predetermined rate, then manufacturing overhead must have been under-allocated. Select one: True False
Traditional overhead allocations result in which of the following situations? a. Overhead costs are assigned as period costs to manufacturing operations. b. High-volume products are assigned too much overhead, while low-volume products are assigned too little overhead. c. Low-volume products are assigned too much overhead, while high-volume products are assigned too little overhead. d. The resulting allocations cannot be used for financial reports.