Product costs are also called: *Direct costs.Overhead costs.Manufacturing overhead costsNone of the above If. at the end of the year,Manufacturing Overhead has beenover applied, it means that: *actual overhead costs were greaterthan the overhead assigned to jobs.overhead has not been applied tojobs still in process.cost of goods will have to beincreased by the amount of the overapplied overhead.None of the above

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Accounting

Product costs are also called: * O Direct costs. Overhead costs. Manufacturing overhead costs O None of the above O

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Product costs are also called: *
Direct costs.
Overhead costs.
Manufacturing overhead costs
None of the above

If. at the end of the year,
Manufacturing Overhead has been
over applied, it means that: *
actual overhead costs were greater
than the overhead assigned to jobs.
overhead has not been applied to
jobs still in process.
cost of goods will have to be
increased by the amount of the over
applied overhead.
None of the above

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