Mountain Man Corporation Debited Cost of Goods Sold and Credited

question 60

Multiple Choice

Mountain Man Corporation debited Cost of Goods Sold and credited Manufacturing Overhead at year-end. On the basis of this information, one can conclude that:

• A) budgeted overhead exceeded actual overhead.
• B) budgeted overhead exceeded applied overhead.
• C) budgeted overhead was less than applied overhead.
• D) actual overhead exceeded applied overhead.
• E) actual overhead was less than applied overhead.

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Definitions:

Y-Intercept

The point where a line or curve intersects the y-axis on a graph.

Regression Line

A straight line that best represents the relationship between an independent variable and a dependent variable in linear regression analysis.

Scatterplot

A type of graph used in statistics to display values for typically two variables for a set of data.

Regression Line

A straight line that describes how a response variable y changes as an explanatory variable x changes, in linear regression analysis.