Which of the following journal entries is used to record fixed overhead costs allocated? O Fixed Overhead Allocated Work-in-Process Control Fixed Overhead Control Work-in-Process Control O Fixed Overhead Allocated Fixed Overhead Control O Work-in-Process Control Fixed Overhead Allocated

Q: Overapplied manufacturing overhead occurs when: a. applied overhead exceeds actual overhead. b.…

A: Introduction: Underapplied overhead: Overheads are expenses. Underapplied means the applied overhead…

Q: In process costing systems, costs are accumulated and assigned to: a) Products or jobs b)…

A: a) Products or jobs: Costs are attributed to specific products or jobs based on their direct and…

Q: Manufacturing Overhead is a(n)__. a. Equity b. sub-account. c. Liability d. Asset

A: Manufacturing overhead, also known as factory overhead or indirect production costs, refers to the…

Q: Describe fixed manufacturing overhead under absorption costing.

A: Absorption costing: Under this method, manufacturing cost such as direct material and labor is…

Q: Which overhead allocation methods do not charge support department costs to a support department…

A: Overhead: It is the indirect cost incurred in addition to the direct costs for manufacture of…

Q: Which of the following is true regarding cost drivers? A-Cost drivers cause an activity's cost…

A: The concept of activity-based costing requires identifying the cost pool, cost driver, number of…

Q: What is meant by overheads? How are overheads classified? Give suitable examples

A: Overhead refers to the expenses a business incurs on a daily basis while operating its activities.

Q: allocation bases are

A: Activity-based costing is commonly known as ABC. It is a costing method that allocates indirect…

Q: Conversion cost is: *   a. Combination of direct materials and direct labor       b. Combination of…

A: The costs incurred on production includes direct material costs, direct labor cost and manufacturing…

Q: Define the terms under-allocated and over-allocated overhead. What factors contribute to each…

A: Expenses associated with manufacturing overhead: "Manufacturing overhead costs, also known as…

Q: What's predetermined overhead used for, and why?

A: A predetermined overhead rate is a rate that is used to apply the expected cost of manufacturing…

Q: What does the following statement mean? “Accounting for overhead involves an important costbenefit…

A: Overheads are typically accounted by accumulating costs and dividing the total costs by the total…

Q: Formula for FIxed Overhead How do you find fixed overhead?  What is the formula?

A: Overheads refers to the total cost of indirect materials, indirect labour and indirect expenses.…

Q: Which of the following is a conversion cost?A. raw materialsB. direct laborC. sales commissionsD.…

A: Conversion costs seem to be the expenses of converting raw resources into finished goods. In cost…

Q: Indirect materials and indirect labour are classified as: O a. manufacturing overhead and product…

A: Costs that are not traced to the product directly are known as indirect costs. These costs are…

Q: How is predetermined overhead rate established? How is it used to apply overhead?

A:

Q: Which accounts are adjusted for the under-allocated or over-allocated overhead in JIT costing?

A: Just-in-time manufacturing system:     Just-in-time (JIT) manufacturing system is an approach to…

Q: Is it possible to have under- or overapplied overhead costs in a process costing system? Explain.

A: Process Costing: Process costing is a method of cost accounting, which is used when the production…

Q: Activity based costing

A: Definition: Costing: Costing is calculated as an amount spent by the company in order to produce a…

Q: Activity-based costing first assigns costs to a. Products b. Activities c. Overhead d. Departments

A: Activity based costing is a type or form of costing which is useful for overheads allocation to…

Q: Under activity-based costing, second stage allocation would involve: O a. Defining activity measures…

A: Steps involved in Activity-based costing - Step 1 - identify and classify the activities involved…

Q: Which types of overhead allocation methods result in the use of more than one overhead rate during…

A: The objective of the question is to identify the overhead allocation methods that result in the use…

Q: What is the standard variable overhead rate and standard fixed overhead rate?

A: The overhead rate is calculated by dividing total indirect costs (also known as overhead) for a…

Q: Question Content Area Which of the following is the correct order for allocating overhead costs…

A: The objective of the question is to identify the correct sequence of steps in the process of…

Q: Overhead Cost total includes: a. Indirect tools used b. Indirect Commision paid c. Indirect…

A: Solution Overhead cost                 The cost which are not directly attributable to the…

Q: Explain the difference between under-allocated overhead and over-allocated overhead. What causes…

A: Overhead is applied using estimated or budgeted overhead and a base. Actual overhead costs are…

Q: how do i calculate allocated manufacturing overhead by department

A: Manufacturing overhead: The cost incurred in production process other than the cost of direct…

Q: tracing and allocating cost to cost object

A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…

Q: What adjustment is made for underapplied overhead on the schedule of CoGS? What adjustment is made…

A: Underapplied overhead is added to cost of goods sold thus increases the total cost of goods sold.

Q: What does the word "overhead application rate" mean?

A: Overhead is a term that refers to a continuous   The term "overhead application rate" refers to the…

Q: How do you calculate the predetermined overhead rate do you have an example

A: An allocation rate used to estimate the manufacturing costs is termed as predetermined overhead…

Q: QUESTION 9 Put the following steps in an Activity-Based-Costing system in the proper order. v…

A: Cost Accounting: Cost accounting is characterized as "a methodical arrangement of methodology for…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.