Question: QUESTION 11 Underapplied and overapplied overhead arise because the overhead rate and the amount of the allocation base used by the product are both estimates

QUESTION 11

  1. Underapplied and overapplied overhead arise because

    the overhead rate and the amount of the allocation base used by the product are both estimates

    overhead applied to the product during the year, based on an estimated overhead rate, is compared with actual overhead incurred

    none of the above

    the usage of the overhead allocation base by the product, e.g. machine hours is an estimate

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