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Which statements about using a plantwide overhead rate

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Reference no: EM132582922

Question 1: Which of the following statements about using a plantwide overhead rate based on direct labor is correct?

Option 1: Using a plantwide overhead rate based on direct labor-hours will ensure that direct labor costs are correctly traced to jobs.

Option 2: The labor theory of value ensures that using a plantwide overhead rate based on direct labor will do a reasonably good job of assigning overhead costs to jobs.

Option 3: It is often overly simplistic and incorrect to assume that direct labor-hours is a company's only manufacturing overhead cost driver.

Option 4: Using a plantwide overhead rate based on direct labor costs will ensure that direct labor costs will be correctly traced to jobs.

Reference no: EM132582922

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