When the predetermined overhead rate is based on direct labor-hours, the amount of overhead applied to a job is proportional to the estimated amount of direct labor-hours for the job. True or False.
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- If a job order cost system tracks the direct materials and direct labor, why doesn't It track the actual overhead used for a specific job?Why is the manufacturing overhead account debited as expenses are recognized and then credited when overhead is applied?Which is the correct formula for computing the overhead rate? A. estimated use of the cost driver for production/estimated overhead for the activity B. estimated overhead for the product/estimated use of the cost driver for the activity C. estimated use of the cost driver for production/estimated overhead for the activity D. estimated overhead for the activity/estimated use of the cost driver for the activity
- In a normal costing system, the cost of a job includes a. actual direct materials, actual direct labor, and estimated (applied) overhead. b. estimated direct materials, estimated direct labor, and estimated overhead. c. actual direct materials, actual direct labor, actual overhead, and actual selling cost. d. actual direct materials, actual direct labor, and actual overhead. e. None of these. Job-order costing requires the use of actual, not normal, costing.When the predetermined overhead rate is based on direct labor-hours, the amount of overhead applied to a job is proportional to the estimated amount of direct labor-hours for the job. True of False.What account is credited when overhead cost is applied to Work in Process? Would you expect the amount of overhead applied for a period to equal the actual overhead costs of the period? Why or why not?
- Is manufacturing overhead cost given to tasks based on a precise determination of each job's overhead cost or on an estimation? Explain.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.Overtime salary and Nightshift allowance are examples of _______. A. Direct Labour cost B. General and Administrative Cost C. Indirect Labour cost D. Manufacturing Overhead
- As the actual manufacturing overhead costs are incurred throughout the period, they are credited to the Manufacturing Overhead account. Select one: True False2. Which of the following is a possible cost driver that may be used in calculating a company's predetermined overhead rate? A) Direct labour hours B) Direct labour dollars C) Machine hours D) All of the aboveIn a job-order costing system, direct labor cost is usually recorded as a credit to: a. Cash or Wage Payable.. Ob. Work in Process: С. Cost of Goods Sold. O d. Manufacturing Overhead. e. None of the given answer is correct
