A costing system in which costs are collected and assigned to units of production for each individual job processcosting system A costing system that accumulates production costs by process or by department for a given period of time 2. Correct answer: Applied overhead Predetermined overhead rate Underapplied overhead Overhead variance Overapplied overhead Plantwide overhead rate Departmental overhead rate Your answer: Match each statement below with the correct choice from the dropdown lists. 1. Overhead assigned to production using predetermined rates Applied overhead 2. An overhead rate computed using estimated data Predetermined overhead rate 3. The amount by which actual overhead exceeds applied overhead Underapplied overhead 4. The difference between actual overhead and applied overhead Overhead variance 5. The amount by which applied overhead exceeds actual overhead Overapplied overhead 6. A single overhead rate calculated using all estimated overhead for a factory divided by the estimated activity level across the entire factory Plantwide overhead rate 7. Estimated overhead for a single department divided by the estimated activity level for that same department Departmental overhead rate 3. Correct answer: predetermined overhead rate Your answer: The predetermined overhead rate is calculated at the beginning of the year by dividing the total estimated annual overhead by the total estimated level of cost driver.
2015/9/30 Chapter 5 First Homework
- Fall '14
- Managerial Accounting, overhead rate, Miaomiao Chen