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A debit balance in the manufacturing overhead account at year end means?
It means you have incurred more actual manufacturing overhead costs than you have applied to your products (i.e., manufacturing overhead is underapplied).
When manufacturing overhead is applied to production is added to?
the Work in Process account
Does A credit balance in the Manufacturing Overhead account at the end of the year means that overhead was underapplied?
It means there is some WIP
Do you list property tax as factory overhead?
No, property taxes would not be classified as factory overhead...property taxes get paid under an expense account
In a process costing system what account is debited when manufacturing overhead costs are applied to the cost of production?
the finished goods inventroy account
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 factory overhead a debit or a credit balance?
Factory overhead typically has a debit balance. This account accumulates all the indirect costs associated with manufacturing that are not directly tied to a specific product, such as utilities, maintenance, and salaries of supervisory staff. When overhead costs are incurred, they are debited to the factory overhead account, increasing its balance. When these costs are allocated to products, the overhead account is credited, reducing its balance.
Is manufacturing overhead same as manufacturing cost?
No. Cost would include the cost of materials. Overhead would not.
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.
Manufacturing overhead - fixed or variable cost?
Compute the actual and budgeted manufacturing overhead rate
What is the fixed manufacturing overhead budget variance equal to?
Fixed manufacturing overhead budget variance is?
