Which of the following statements is incorrect regarding manufacturing overhead? A) Manufacturing overhead is an indirect...
Which of the following statements is incorrect regarding manufacturing overhead?
A) Manufacturing overhead is an indirect costs to units or products.
B) Actual overhead costs tend to remain relatively constant over various output levels.
C) Actual overhead costs are used in the cost accounting process.
D) Manufacturing overhead includes both fixed and variable costs.
Homework Answers
| Actual overhead costs are used in the cost accounting process is incorrect. |
| Overhead costs are recorded in cost accounting process based on allocation rates determined at the beginning of period. |
| The allocation rates are based on estimated manufacturing overhead. |
| Option C should be selected |
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STU Products uses standard costing. It allocates manufacturing overhead (both variable and fixed) to products on the basis of standard direct manufacturing labour-hours (DLH). STU Products develops its manufacturing overhead rate from the current annual budget. The manufacturing overhead budget for 2017 is based on budgeted output of 672,000 units, requiring 3,360,000 DLH. The company is able to schedule production uniformly throughout the year. A total of 72,000 output units requiring 321,000 DLH was produced during May 2017. Manufacturing overhead...
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