Reference no: EM132893504

Problem 1: A company assigned overhead to work in process. At year end, what does the amount of overapplied overhead mean?

a. The overhead assigned to work in process is greater than the estimated overhead costs.

b. The overhead assigned to work in process is less than the estimated overhead costs.

c. The overhead assigned to work in process is less than the actual overhead.

d. The overhead assigned to work in process is greater than the overhead incurred.

Problem 2: Assuming that the standard fixed overhead rate is based on full capacity, the cost of available but unused productive capacity is indicated by the:

a. factory overhead cost volume variance

b. direct labor cost time variance

c. direct labor cost rate variance

d. factory overhead cost controllable variance

Problem 3: Assuming that the standard fixed overhead rate is based on full capacity, the cost of available but unused productive capacity is indicated by the:

a. factory overhead cost volume variance

b. direct labor cost time variance

c. direct labor cost rate variance

d. factory overhead cost controllable variance