Match definition with correct term Question 2 options: A credit balance in the manufacturing overhead account that occurs when the amount of overhead cost applied to work in process is greater than the amount of actual manufacturing overhead cost incurred during the period. A debit balance in the manufacturing overhead account that occurs when the amount of overhead cost applied to work in process is less than the amount of actual manufacturing overhead cost incurred during the period. The manufacturing costs associated with units of product that were finished during the period Units of product that are only partially complete and will require further work before they are ready for sale to the customer. 1. Cost of Goods Manufactured 2. Overapplied overhead 3. Underapplied overhead 4. Work in process

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Lanuel Lanuel · Answer 1 · 2022-06-29T19:49:26+02:00

Each of the definitions should be matched with the correct term as shown below.

In this exercise, you're required to match the following accounting definitions with the correct term as follows:

Overapplied overhead: it is a credit balance in the manufacturing overhead account of a business firm which typically occurs when the expenses (overhead cost) applied to work in process exceeds the actual manufacturing overhead cost it incurred during the period.

Underapplied overhead: it is a debit balance in the manufacturing overhead account which typically occurs when the expenses (overhead cost) applied to work in process exceeds the actual manufacturing overhead cost it incurred during the period.

Cost of Goods Manufactured: it is the manufacturing costs that are associated with specific units of product that were completed (finished) during the period.

Work in process: it is the units of product that have only been completed (finished) and as such would require further work by the workers, before they are ready for sale to customers.

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