Animo Space Support D Question 15 1 pts Statement I: UNDERAPPLIED overhead is the amount by which the overhead applied to jobs using the predetermined overhead rate exceeds the overhead incurred during a period. Statement II: OVERAPPLIED or UNDERAPPLIED overhead should be removed from the Factory Overhead account at the end of each accounting period. O Both Statements are False O Only Statement II is True O Both Statements are True O Only Statement I is True D Question 16 1 pts Pharmally Biologic Inc has provided data concerning the company's Manufacturing Overhead account for the month of March. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total debits to the Manufacturing Overhead account was P6,300,000 and the total of the credits was P7,700,000. Which of the following statements is TRUE? O Actual manufacturing overhead incurred during the month was P7,700,000. O Manufacturing overhead transferred from Finished Goods to the Cost of Goods Sold during the month was P6,300,000. O Manufacturing overhead for the month was overapplied by P1,400,000. O Manufacturing overhead applied to Work in Process for the month was P6,300,000. D Question 17 1 pt Statement I: If a company applies overhead to production on the basis of a predetermined rate, if TOTAL ADDITIONS exceed the DEDUCTIONS in the Manufacturing Overhead account at the end of the period, it means that the estimated overhead cost was LESS than the actual overhead cost. Statement II: ADDITIONS to the Manufacturing Overhead account represent the ACTUAL manufacturing overhead costs, while the DEDUCTIONS represent the APPLIED manufacturing overhead based on estimates. O Both Statements are True O Only Statement II is True Only Statement | is True O Both Statements are False