Question

1. In _______________, overhead can be estimated by approximating the year’s actual overhead at the beginning of the year and then using a predetermined rate throughout the year to obtain the needed unit cost information.
   1. Actual costing
   2. Normal costing
   3. Job order costing
   4. Process costing
2. If actual overhead is $400,000 for the year but $390,000 was applied to production, we would say that the variance is _______________ overhead.
   1. Under applied
   2. Over applied
   3. Applied
   4. All of the above
3. If actual overhead is $400,000 for the year but $410,000 was applied to production, we would say that the variance is ______________ overhead.
   1. Under applied
   2. Over applied
   3. No under or over applied
   4. All of the above
4. Under _________ costing, all production costs, variable and fixed, are included when determining unit product cost.
   1. Process
   2. Job order
   3. Absorption
   4. Variable
5. Under ___________costing, only the variable production costs are included in product costs.
   1. Process
   2. Variable
   3. Job order

d.Absorption

Answer 1

1):-B is right option

Normal Costing is equal to Budgeted indirect costs rates x actual quantities of cost allocation bases

2):-underapplied overhead

If actual overhead is $400,000 for the year but $390,000 was applied to production, we would say that the variance underapplied overhead

Underapplied overhead are defined as those overhead which occurs when theactual overhead cost exceeds the amount of overheadcost applied to Work in Process inventory during the period.

3) :-actual overhead is $400,000 for the year but $410,000 was applied to production, we would say that the variance is over applied overhead

Overapplied overhead are those overhead which occurs when the actual overhead cost is less than theamount of overhead cost applied to Work in Process inventory during the period.

4) :-Absorption cost

Absorption Costing is defined as the costing method where products "absorb" both fixed and variable manufacturing costs.

Product Costs= DM, DL, VMoh, FMOH

Period Costs= VSA, FSA

5) :-B is right option

Variable cost

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