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Answer
This statement is False.
As the manufacturing overhead assigned to a particular job will only be computed at the end of the period even if the job is completed because job manufacturing overhead will be computed on the basis of actual cost incurred for the period and not only on the basis of a single job completion.
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If the overhead rate is computed annually based on the actual costs and activity for the...
QUESTION 3 An activity-based overhead rate is computed as follows: actual overhead divided by actual use...
QUESTION 3 An activity-based overhead rate is computed as follows: actual overhead divided by actual use of cost drivers. estimated overhead divided by actual use of cost drivers. actual overhead divided by estimated use of cost drivers. estimated overhead divided by estimated use of cost drivers.
Owlet distractors inc. uses activity-based costing to determine product costs. Activity rates computed at the beginning...
Owlet distractors inc. uses activity-based costing to determine product costs. Activity rates computed at the beginning of the year are used to apply manufacturing overhead costs to products. The following data concerning its activity-based costing system has been provided. Estimated overhead and activity rates, at the beginning of the year were: Estimated Expected Activity cost pools Overhead cost Activity Machine related (Machine hours) $431,200 16,000 MHs Batch setup (setups) $661,500 21,000 setups General factory (direct labor-hours) $612,150 26,500 DLHs The...
HOW WOULD I RESPOND TO THESE? - The predetermined overhead rate is based on the relationship...
HOW WOULD I RESPOND TO THESE? - The predetermined overhead rate is based on the relationship between estimated annual overhead costs and estimated annual operating activity, expressed in terms of a common activity base. The company may state the activity in terms of direct labor costs, direct labor hours, machine hours, or any other measure that provides an equitable basis for applying overhead costs to jobs. Companies establish the predetermined overhead rate at the beginning of the year. The formula...
QUESTION 12 The predetermined overhead rate is based on the relationship between estimated annual costs and...
QUESTION 12 The predetermined overhead rate is based on the relationship between estimated annual costs and actual activity estimated annual costs and estimated annual activity actual monthly costs and actual annual activity estimated monthly costs and actual monthly activity QUESTION 13 During 2017, Cotte Manufacturing expected Job No 59 to cost $300,000 of overhead, 5500,000 of materials, and $200,000 in labor Cotte applied overhead based on direct labor cost. Actual production required an overhead cost of $295.000 5570.000 in materials...
true false 1) The predetermined overhead rate may be based on estimated overhead costs and estimated...
true false 1) The predetermined overhead rate may be based on estimated overhead costs and estimated production volume for the coming year. 2) When scrap is identified with a specific job, the proceeds of its sale should be credited to the manufacturing overhead control account. 3) A cost accounting system furnishes the total actual overhead costs immediately upon completion of each job. 4)The finished goods ledger is subsidiary to the general ledger cost of goods manufactured account.
Brenot Corporation uses activity-based costing to determine product costs for external financial reports. Activity rates computed...
Brenot Corporation uses activity-based costing to determine product costs for external financial reports. Activity rates computed at the beginning of the year are used to apply manufacturing overhead costs to products. The company has provided the following data concerning its activity-based costing system. The data used to develop activity rates were: Activity Cost Pools Estimated Overhead Cost Expected Activity Machine related (machine-hours) $379,600 13,000 MHs Batch setup (setups) $1,144,800 27,000 setups General factory (direct labor-hours) $420,500 29,000 DLHs The actual...
Manufacturing overhead costs allocated to a job amounted to $496,000. The actual manufacturing costs incurred during...
Manufacturing overhead costs allocated to a job amounted to $496,000. The actual manufacturing costs incurred during the year were $530,000. Overhead costs have been underallocated. O True False
7 11, the formula to calculate the amo ved by the actual manufacturing overhe D ead...
7
11, the formula to calculate the amo ved by the actual manufacturing overhe D ead rate times the actual manufacturing overhead incurto Llumined overhead rate divided by the actual units of allocation D. Predetermined overhead rate times the actual units of allocation base char 5. When closing overapplied manufacturing overhead to cost of goods so would be true? A. Work in process will decrease. B. Cost of goods sold will increase. C. Net income will decrease. D. Gross margin...
Actual overhead costs are not assigned to jobs in a job costing system. True or False...
Actual overhead costs are not assigned to jobs in a job costing system. True or False True False
Actual overhead costs are not assigned to jobs in a job costing system True or False...
Actual overhead costs are not assigned to jobs in a job costing system True or False True False
QUESTION 3 An activity-based overhead rate is computed as follows: actual overhead divided by actual use of cost drivers. estimated overhead divided by actual use of cost drivers. actual overhead divided by estimated use of cost drivers. estimated overhead divided by estimated use of cost drivers.
QUESTION 12 The predetermined overhead rate is based on the relationship between estimated annual costs and actual activity estimated annual costs and estimated annual activity actual monthly costs and actual annual activity estimated monthly costs and actual monthly activity QUESTION 13 During 2017, Cotte Manufacturing expected Job No 59 to cost $300,000 of overhead, 5500,000 of materials, and $200,000 in labor Cotte applied overhead based on direct labor cost. Actual production required an overhead cost of $295.000 5570.000 in materials...
Manufacturing overhead costs allocated to a job amounted to $496,000. The actual manufacturing costs incurred during the year were $530,000. Overhead costs have been underallocated. O True False
7
11, the formula to calculate the amo ved by the actual manufacturing overhe D ead rate times the actual manufacturing overhead incurto Llumined overhead rate divided by the actual units of allocation D. Predetermined overhead rate times the actual units of allocation base char 5. When closing overapplied manufacturing overhead to cost of goods so would be true? A. Work in process will decrease. B. Cost of goods sold will increase. C. Net income will decrease. D. Gross margin...
Actual overhead costs are not assigned to jobs in a job costing system. True or False True False
Actual overhead costs are not assigned to jobs in a job costing system True or False True False
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