If the manufacturing overhead costs applied to jobs

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102. If the manufacturing overhead costs applied to jobs worked on were greater than the actual manufacturing costs incurred during a period, overhead is said to be a. underapplied. b. overapplied. c. in error. d. prepaid. 103. At the end of the year, any balance in the Manufacturing Overhead account is generally eliminated by adjusting 104. If Manufacturing Overhead has a credit balance at the end of the period, then 105. The Manufacturing Overhead account shows debits of $20,000, $24,000, and $28,000 and one credit for $76,000. Based on this information, manufacturing overhead 106. When monthly financial statements are prepared, a difference between actual overhead and overhead applied will appear on a. the balance sheet. b. the income statement. c. the statement of stockholders' equity. d. none of the financial statements. 107. When monthly financial statements are prepared, overapplied overhead will appear as 108. Overapplied overhead means that the overhead assigned to work in process is 109. A credit balance in the Manufacturing Overhead account at the end of the period indicates 2- 1 3
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Test Bank for Managerial Accounting, Second Edition that 110. Underapplied overhead is a. reported as unearned revenue in the balance sheet. b. added to the Manufacturing Overhead account. c. added to Cost of Goods Sold. d. credited to Cost of Goods Sold. Answers to Multiple Choice Questions Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. Item Ans. 2- 1 4
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Job Order Cost Accounting EXERCISES Ex. 111 A selected list of accounts used by Sloan Manufacturing Company follows: Code A Cash B Accounts Receivable C Raw Materials Inventory D Work In Process Inventory E Finished Goods Inventory F Accounts Payable G Factory Labor H Manufacturing Overhead I Cost of Goods Sold J Sales Sloan Manufacturing Company uses a job order system and maintains perpetual inventory records.
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