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.

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.

Name: Overapplied overhead will result ifA. the plant is operated at less th
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Description: Overapplied overhead will result ifA. 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. overhea

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 4SEQ: If the factory overhead account has a negative balance, factory overhead is said to be:...

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Underapplied factory overhead would result if a. the plant were operating at less than normal capacity b. factory overhead costs incurred were less than costs charged to production c. factory overhead costs incurred were greater than costs charged to production d. factory overhead costs incurred were unreasonably large in relation to units produced
Overapplied factory overhead would result if: a. The plant was operating at less than normal capacity b. Factory overhead costs incurred were less than costs charged to production c. Factory overhead costs incurred were unreasonably large in relation to units produced d. Factory overhead costs incurred were greater than costs charged to production
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.
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.
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.
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
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.
" When the predetermined overhead rate is based on the level of activity at capacity, an item called the Cost of Unused Capacity might appear to be treated as a period expense on income statements prepared for internal management use." Please explain the statement (True/False) thoroughly with examples. What does "Cost of Unused Capacity" mean?
Over-applied FOH will result if: a. FOH costs incurred is less than FOH costs charged to production b. FOH costs incurred is greater than estimated FOH costs c. FOH costs incurred is greater than FOH costs charged to production d. The plant is operating at less than expected capacity.
23. Overapplied overhead would result if a• The plant is operated at less than normal capacity. b• Overhead cost incurred were less than costs charged to production. c• Overhead costs incurred were reasonably small in relation to units produced. d• Overhead costs incurred were greater than costs charged to production.
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.
mcqs Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? a The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out by allocating it to all appropriate accounts. b Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. c Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. d The balance in the Work-in-Process account after allocation will be the same under either method.