(C) Budgeted factory overhead was greater than (B) Budgeted factory overhead was greater than (A) Actual...

 

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(C) Budgeted factory overhead was greater than (B) Budgeted factory overhead was greater than (A) Actual factory overhead was greater than the anticipated and that the factory overhead has been underapplied. Which of the following is true? units produced were higher than the number end of the year, the manufacturer discovers that and the anticipated amount of production. At the of overhead, based on the budget for overhead $3.00 to each finished unit to represent the cos 5. Using normal costing, a manufacturer applies amount applied. actual factory overhead. the amount applied. (D) Actual factory overhead was less th amount applied. 6. Which of the following inventory-costing methods is acceptable under both International Financial Reporting Standards (IFRS) and ITnita States Generally Accepted Accounting Principles (GAAP)? (A) Last in, first out (LIFO) (B) Market value (C) Replacement cost (D) Weighted average 7. On February 1, a company issues $200,000 of installment notes. The notes are payable in ten installments of $20,000 every six months, beginning on August 1. At the end of the first year, how should the notes appear on the company's balance sheet, excluding interest? (A) Current liability of $20,000; noncurrent liability of $180,000 (B) Current liability of $20,000; noncurrent liability of $160,000 (C) Current liability of $40,000; noncurrent liability of $160,000 (D) Current liability of $40,000; noncurrent liability of $140,000 (C) Budgeted factory overhead was greater than (B) Budgeted factory overhead was greater than (A) Actual factory overhead was greater than the anticipated and that the factory overhead has been underapplied. Which of the following is true? units produced were higher than the number end of the year, the manufacturer discovers that and the anticipated amount of production. At the of overhead, based on the budget for overhead $3.00 to each finished unit to represent the cos 5. Using normal costing, a manufacturer applies amount applied. actual factory overhead. the amount applied. (D) Actual factory overhead was less th amount applied. 6. Which of the following inventory-costing methods is acceptable under both International Financial Reporting Standards (IFRS) and ITnita States Generally Accepted Accounting Principles (GAAP)? (A) Last in, first out (LIFO) (B) Market value (C) Replacement cost (D) Weighted average 7. On February 1, a company issues $200,000 of installment notes. The notes are payable in ten installments of $20,000 every six months, beginning on August 1. At the end of the first year, how should the notes appear on the company's balance sheet, excluding interest? (A) Current liability of $20,000; noncurrent liability of $180,000 (B) Current liability of $20,000; noncurrent liability of $160,000 (C) Current liability of $40,000; noncurrent liability of $160,000 (D) Current liability of $40,000; noncurrent liability of $140,000

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5 Based on the budget for overhead and the anticipated amount of production a manufacturer applies 3 ... View the full answer