Question: 7. Explain how a sales order, a production order, a materials requisition form, and a labor time ticket are involved in producing and costing products.

7. Explain how a sales order, a production order, a materials requisition form, and a labor time ticket are involved in producing and costing products.

8. Why do companies use predetermined overhead rates rather than actual manufacturing overhead costs to apply overhead to jobs?

9. If a company fully allocates all of its overhead costs to jobs, does this guarantee that a profit will be earned for the period?

10. Provide two reasons why overhead might be under-applied in a given year.

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