ACCT 212 EXAM QUESTIONS AND CORRECT DETAILED ANSWERS

If the factory overhead is overapplied, then: (Check all that apply.) applied overhead costs > actual overhead costs. the Factory Overhead account has a credit balance. Match the following activities to their effect on the general ledger accounts. Allocate indirect labor - Credit Factory Wages Payable Pay factory property tax - Debit Factory Overhead Purchase materials - Debit Raw Materials Inventory Use direct materials - Credit Raw Materials Inventory Complete job - Debit Finished Goods Inventory Sold job - Credit Finished Goods Inventory A Schedule of Cost of Goods Manufactured includes all of the following costs: factory overhead applied direct labor used work in process inventory direct materials used Both service companies and manufacturing companies have: (Check all that apply). overhead direct labor Factory overhead is a _____ account. temporary Match the following activities to their effect on the general ledger accounts. Allocate overhead costs to jobs - Credit Factory Overhead