Use the following information for the next 4 questions.
Rayfield Company's management accountant collected the following inventory and transaction data for the month: 
The cost of goods available for sale was $1,370. Total manufacturing costs assigned to work-in-process during the month was $1,170. Manufacturing overhead was $334; and direct materials used were $386.
-The following activity took place in the past year: 
The under- or overapplied overhead for the year was
Definitions:
Strategic Plans
Comprehensive documents outlining an organization's goals and the strategies to achieve them over a specific period.
Top Management
The highest level of management in an organization, including positions like CEO, CFO, and other senior executives responsible for strategic decision-making.
Mission Statements
Concise declarations made by organizations that summarize their values, aims, and purpose, guiding internal decision-making and informing stakeholders.
Practical Value
The usefulness of something in real-life situations, emphasizing its applicability and effectiveness in achieving goals or solving problems.
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