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Taxpayers must itemize their deductions to be allowed a charitable contribution deduction.
Manufacturing Overhead Rate
The ratio of manufacturing overhead costs to the base activity, used to allocate overhead costs to produced goods.
Machine Hours
A measure of production output or operation, calculated as the total number of hours that machinery is in use.
Overapplied Overhead
A situation in managerial accounting where the allocated manufacturing overhead costs are more than the actual overhead incurred.
Underapplied Overhead
A condition where the allocated manufacturing overhead cost is less than the actual overhead cost incurred, resulting in a discrepancy needing adjustment in financial statements.
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