Overapplied manufacturing overhead occurs when: a. applied overhead exceeds actual overhead. b. actual overhead exceeds estimated overhead. c. budgeted overhead exceeds actual overhead. d. applied overhead exceeds estimated overhead.

Overapplied manufacturing overhead occurs when: a. applied overhead exceeds actual overhead. b. actual overhead exceeds estimated overhead. c. budgeted overhead exceeds actual overhead. d. applied overhead exceeds estimated overhead.

Name: Overapplied manufacturing overhead occurs when:a. applied overhead ex
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Description: Overapplied manufacturing overhead occurs when:a. applied overhead exceeds actual overhead.b. actual overhead exceeds estimated overhead.O c. budgeted overhead exceeds actual overhead.d. applied overhead exceeds estimated overhead.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter4: Job-order Costing And Overhead Application

Section: Chapter Questions

Problem 7MCQ: The overhead variance is overapplied if a. actual overhead is less than applied overhead. b. actual...

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If the factory overhead account has a negative balance, factory overhead is said to be: a.Underapplied B.Over-applied C.Undcrabsorbed D. In error
Under variable costing, a unit of product includes which costs? direct material, direct labor, and manufacturing overhead Direct material, direct labor, and variable manufacturing overhead Direct material, direct labor, and fixed manufacturing overhead D. Direct material, direct labor, and all variable manufacturing overhead
Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and fixed manufacturing overhead D. direct material, direct labor, and all variable manufacturing overhead
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
Which is the correct formula for computing the overhead rate? A. estimated use of the cost driver for production/estimated overhead for the activity B. estimated overhead for the product/estimated use of the cost driver for the activity C. estimated use of the cost driver for production/estimated overhead for the activity D. estimated overhead for the activity/estimated use of the cost driver for the activity
The overhead variance is overapplied if a. actual overhead is less than applied overhead. b. actual overhead is more than applied overhead. c. applied overhead is less than actual overhead. d. estimated overhead is less than applied overhead. e. estimated overhead is more than applied overhead.
In a normal costing system, the cost of a job includes a. actual direct materials, actual direct labor, and estimated (applied) overhead. b. estimated direct materials, estimated direct labor, and estimated overhead. c. actual direct materials, actual direct labor, actual overhead, and actual selling cost. d. actual direct materials, actual direct labor, and actual overhead. e. None of these. Job-order costing requires the use of actual, not normal, costing.
Why is the manufacturing overhead account debited as expenses are recognized and then credited when overhead is applied?
When using normal costing, how are jobs charged with overhead?
What is the predetermined overhead rate, and when is it typically estimated?
Before automation became more prevalent, overhead was often calculated and allocated as a function of direct labor costs or direct labor hours. Why was this the case, and has this pattern changed?
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.