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What is One potential cause of Total Manufacturing Overhead Variance?
If the estimated materials, labor or overhead costs allocated for a manufacturing order is different from the actual cost of the MO then the potential result is a Manufacturing Overhead Variance.
Is depreciation manufacturing labor?
Depreciation is not a manufacturing labor rather it is manufacturing overhead as machines used in manufacturing is not part of labor rather it is part of overhead.
What is Applied manufacturing overhead?
what is factory overhead applied?
What is manufacturing supplies inventory?
manufacturing supplies is equal to factory overhead
When manufacturing overhead is applied to production is added to?
the Work in Process account
What is One potential cause of Total Manufacturing Overhead Variance?
If the estimated materials, labor or overhead costs allocated for a manufacturing order is different from the actual cost of the MO then the potential result is a Manufacturing Overhead Variance.
Factory overhead should be allocated on the basis of?
factory overhead should be allocated on basis of their apportiomen
WHAT IS Fixed moh?
Fixed MOH stands for fixed manufacturing overhead. It includes overhead costs that do not vary with production levels, such as rent on the manufacturing facility or management salaries. Fixed MOH is allocated to products based on predetermined rates or cost drivers.
What is the traditional costing formula?
Traditional costing is a method in accounting where the manufacturing overhead costs are allocated to the products manufactured. It is also called as conventional costing.
Applied overhead vs actual overhead?
APPLIED Overhead is computed using the predetermined overhead rate and is the amount of costs applied (or estimated) to be allocated (needed) for specific jobs. ACTUAL Overhead is found after the manufacturing process is complete which gives the actual amount of used/consumed resources (or total costs) that it needed to complete the job. The two amounts can then be compared afterward which is known as Under- or Overapplied Manufacturing Overhead. When Manufacturing Overhead has a DEBIT balance, overhead is said to be UNDERAPPLIED, meaning that the overhead applied to work in process or to the certain job is LESS than the overhead incurred. On the contrary, when manufacturing overhead has a CREDIT balance, overhead is OVERAPPLIED, meaning that the overhead assigned to work in process or to the certain job is GREATER than the overhead incurred.
What if budgeted manufacturing overhead is not equal to applied manufacturing overhead?
There is a variance.
What would a plantwide manufacturing overhead rate be assigned to?
what is plantwide manufacturing overhead
Is manufacturing overhead same as manufacturing cost?
No. Cost would include the cost of materials. Overhead would not.
If a manufacturing company is using activity based costing for internal purposes only then organization sustaining overhead costs should not be allocated to any of the products true or false?
True
Is depreciation manufacturing labor?
Depreciation is not a manufacturing labor rather it is manufacturing overhead as machines used in manufacturing is not part of labor rather it is part of overhead.
What are three Possible ways to dispose of under-allocated or overa-allocated overhead costs at the end of a fiscal year?
One way is to adjust the COGS ( cost of goods sold). If overhead is under allocated add the difference to COGS, if it is over allocated subtract it from COGS.
Manufacturing overhead - fixed or variable cost?
Compute the actual and budgeted manufacturing overhead rate
