Terrence Industries charges manufacturing overhead to products by using a predetermined application rate, computed on the basis of labor hours. The following data pertain to the current year:
Which of the following choices is the correct status of manufacturing overhead at year-end?
Definitions:
Internal Control
A process designed to provide reasonable assurance regarding the achievement of objectives related to operations, reporting, and compliance.
Safeguards
Measures or controls put in place to protect against unauthorized access, damage, or theft.
Assets
Resources owned by a company that have economic value and can be used to meet liabilities.
Internal Auditors
Professionals who conduct audits within an organization to review and evaluate the adequacy of internal controls and compliance with policies and regulations.
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