Question: 13) Under Normal Costing, when would overhead be applied to a job? In Work In Process Inventory In Cost of Goods Sold In Finished Goods

13)

Under Normal Costing, when would overhead be applied to a job?

In Work In Process Inventory
In Cost of Goods Sold
In Finished Goods Inventory

15)

A company using Just In Time philosophies would probably have ___________ differences between variable and absorption costing net operating incomes for a particular year than a company that does not use these philosophies.

Smaller
Larger

17)

A company has UNDERAPPLIED overhead for the year. If all other things remain constant, which of the following will give the company the highest net operating income?

Closing the underapplied overhead totally to Cost of Goods Sold
Allocating the underapplied overhead to the appropriate accounts

18)

The main difference between a normal cost system and an activity based cost system is the number of

Number of Overhead rates
Different products that are being manufactured
Direct Materials used to manufacture products
Types of direct labor used in the factory

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