a company uses a standard cost system. The ending balance in the Manufacturing Overhead account Is a debit balance. Which of the following statements Is tru Multiple Choice Manufacturing overhead was underapplied and the total of the overhead variances was favorable. Manufacturing overhead was overapplied and the total of the overhead variances was unfavorable. Manufacturing overhead was underapplied and the total of the overhead variances was unfavorable.

a company uses a standard cost system. The ending balance in the Manufacturing Overhead account Is a debit balance. Which of the following statements Is tru Multiple Choice Manufacturing overhead was underapplied and the total of the overhead variances was favorable. Manufacturing overhead was overapplied and the total of the overhead variances was unfavorable. Manufacturing overhead was underapplied and the total of the overhead variances was unfavorable.

Name: A company uses a standard cost system. The ending balance In the Manu
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Description: A company uses a standard cost system. The ending balance In the Manufacturing Overhead account Is a debit balance. Which of the following statements is true?Multiple ChoiceManufacturing overhead vwas underapplied and the total of the overhead varia

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 3MC: Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B....

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Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B. identify non-value-added costs C. analyze the effect on manufacturing overhead D. identify the correlation between the potential driver and manufacturing overhead
A. Describe the two variances between the actual costs and the standard costs for factory overhead. B. What is a factory overhead cost variance report?
The fixed factory overhead variance is caused by the difference between which of the following? A. actual and standard allocation base B. actual and budgeted Units C. actual fixed overhead and applied fixed overhead D. actual and standard overhead rates
Which of the following is false about actual overhead while using normal costing? a. Actual overhead is recorded to the overhead control account during the period. b. If the actual overhead is greater than the applied overhead then the overhead is underapplied Overhead variance is the difference between actual overhead and applied C. overhead. d. It is divided into many smaller accounts such as indirect labor, supplies, etc. е. None of these. Select one: O c O d O a O e O b
(d) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account, clearly showing the balance before closing the account. State the journal entries necessary to dispose ofthe variance. Assume that the manufacturing overhead variance is immaterial. (e) What is the balance in the Cost of Goods Sold account after the adjustment?(f) Compute Elite’s gross profit earned on the jobs sold, after adjusting for the manufacturing overheadvariance
I need help with parts B & C please!! REQUIRED C. Record entry for direct material costs payable and material variances. Record entry for direct labor costs payable and labor variances. Record the entry for variable overhead applied. Record the entry for variable overhead payable. Record the variable overhead variances. Record the entry for fixed overhead applied. Record the entry for fixed overhead payable. Record the fixed overhead variances. Record entry to transfer finished goods to inventory. Record sales on accounts. Record cost of goods sold. Record the disposition of variances to cost of goods sold.
(d) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account, clearlyshowing the balance before closing the account. State the journal entries necessary to dispose ofthe variance. Assume that the manufacturing overhead variance is immaterial. (e) What is the balance in the Cost of Goods Sold account after the adjustment? (f) Compute Elite’s gross profit earned on the jobs sold, after adjusting for the manufacturing overheadvariance (g) Post the appropriate entries to Work in Process Inventory account & determine the account balanceon March 31, the end of the quarter.
(d) Post the manufacturing overhead transactions to the Manufacturing Overhead T-account, clearly showing the balance before closing the account. State the journal entries necessary to dispose of the variance. Assume that the manufacturing overhead variance is immaterial. (e) What is the balance in the Cost of Goods Sold account after the adjustment? (f) Compute Elite’s gross profit earned on the jobs sold, after adjusting for the manufacturing overhead variance (g) Post the appropriate entries to Work in Process Inventory account & determine the account balance on March 31, the end of the quarter.
Determining the basis for applying manufacturing overhead costs involves OA. primarily the accumulation of direct labor hours since virtually all overhead costs are driven by direct labor hours. B. primarily the maintaining of accurate records of production volume since virtually all overhead costs are driven by the number of units proc OC. the determination of a measure of activity that is a causal factor in the incurrence of overhead cost. OD. actual rather than budgeted levels of activity. Reset Selection
Which is not a step in analyzing the cost driver for manufacturing overhead?A. identify the costB. identify non-value-added costsC. analyze the effect on manufacturing overheadD. identify the correlation between the potential driver and manufacturing overhead
The question at hand is (b) below. The images attached are to help anmswer (b). Thank you. :) (b) Why is the amount of underapplied (overapplied) manufacturing overhead different from Requirement 2 above? (You may select more than one answer.) check all that apply The predetermined overhead rate changed.unanswered The change in the actual manufacturing overhead cost directly resulted in a comparable change in the amount of underapplied (overapplied) manufacturing overhead.unanswered The change in the estimated total amount of the allocation base affected the amount of manufacturing overhead applied.
Compute the FOH rate Compute the under or applied Factory Overhead Assume the variance is material, what is the adjustment of the COGS Assume the variance is material, what is the variance share of the Finished goods inventory acc Assume the variance is material, what is the variance share of the Work in Process account