Which one of the following is correct regarding the predetermined overhead rate? O a. The predetermined overhead rate uses actual figures for the manufacturing overhead cost but estimated figures for the cost allocation basis amount. O b. The predetermined overhead rate uses actual figures for the manufacturing overhead cost and actual figures for the cost allocation basis amount. O c. The predetermined overhead rate uses estimated figures for the manufacturing overhead cost but actual figures for the cost allocation basis amount. O d. None of the given answers. O e. The predetermined overhead rate uses estimated figures for the manufacturing overhead cost and estimated figures for the cost allocation basis amount.

Which one of the following is correct regarding the predetermined overhead rate? O a. The predetermined overhead rate uses actual figures for the manufacturing overhead cost but estimated figures for the cost allocation basis amount. O b. The predetermined overhead rate uses actual figures for the manufacturing overhead cost and actual figures for the cost allocation basis amount. O c. The predetermined overhead rate uses estimated figures for the manufacturing overhead cost but actual figures for the cost allocation basis amount. O d. None of the given answers. O e. The predetermined overhead rate uses estimated figures for the manufacturing overhead cost and estimated figures for the cost allocation basis amount.

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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 4MCQ: The predetermined overhead rate equals a. actual overhead divided by actual activity level for a...

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Also, for Required part 2 the answer is "Overapplied Overhead at $4600"
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.
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.
True or False. The predetermined overhead rate is an amount obtained by dividing the total overhead for the past period by the total overhead allocation base for the coming period.
Concord Corporation applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost $1500000 Actual annual overhead cost $1475000 Estimated machine hours 500000 Actual machine hours 490000 $1470000 applied and $5000 overapplied $1475000 applied and neither under-nor overapplied $1470000 applied and $5000 underapplied $1500000 applied and $5000 overapplied
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
The predetermined overhead rate equals a. actual overhead divided by actual activity level for a period. b. estimated overhead divided by estimated activity level for a period. c. actual overhead minus estimated overhead. d. actual overhead multiplied by actual activity level for a period. e. one-twelfth of estimated overhead.
Mountain Tops applies overhead on the basis of direct labor hours and reports the following information: A. What is the predetermined overhead rate? B. How much overhead was applied during the year? C. Was overhead over applied or under applied, and by what amount? D. What is the journal entry to dispose of the over applied or under applied 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
37.Applied overhead consists of which of the following? a. actual activity times predetermined overhead rate b. estimated activity times predetermined overhead rate c. actual activity times actual overhead rate d. estimated activity times actual overhead rate
I - The predetermined overhead rate is computed using estimates of cost and activity. II - The cost of indirect materials used in production is added to the MFG. Oh account rather than added directly to WIP. * A. T, F B. F, T C. T, T D. F, F
Which of the following journal entries is used to record fixed overhead costs allocated? O A. Fixed Overhead Allocated Work-in-Process Control C) B. 0 D. Fixed Overhead Allocated Fixed Overhead Control Work-in-Process Control Fixed Overhead Allocated 0 D. Fixed Overhead Control Work-in-Process Control