If at the End of the Year Manufacturing Overhead Has

question 154

Multiple Choice

If at the end of the year Manufacturing Overhead has been overapplied it means that

• A) actual overhead costs were greater than the overhead assigned to jobs.
• B) actual overhead costs were less than the overhead assigned to jobs.
• C) overhead has not been applied to jobs still in process.
• D) cost of goods will have to be increased by the amount of the overapplied overhead.

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Definitions:

Reclaim

To retrieve or recover something that was previously lost, surrendered, or discarded.

Received Goods

Items that have been delivered and accepted by a buyer, typically in a commercial transaction.

Aggrieved Party

An individual or entity that has suffered a legal wrong or injury, giving them the right to seek remedy.

Forfeit

To relinquish or forfeit something due to misconduct or not adhering to specific stipulations.