At the Beginning of the Year, Forest Corporation Estimates Overhead

question 59

Multiple Choice

At the beginning of the year, Forest Corporation estimates overhead will be $175,000.If the actual overhead for the year is $165,000 and the applied overhead for the year is $120,000, what is the journal entry needed to reconcile the overhead variance? Assume that the overhead variance is immaterial.

---

Definitions:

Job Analysis

The process of examining a job in detail to identify its duties, requirements, and components for organizational purposes.

Executive Coaching

A developmental process for executives to enhance leadership ability and performance, often tailored to individual needs.

Psychological Contract

An unwritten agreement that outlines the expectations between an employee and employer beyond the formal contract.

Top-Level Managers

Senior executives and administrators who are responsible for controlling and overseeing the entire organization.