1. Describe one advantage and one disadvantage of prorating overapplied or underapplied overhead. 2. Describe an important cost-benefit issue involving accuracy versus timeliness in accounting for overhead. 3. When a single, volume-based cost driver (or activity base) is used to apply manufacturing overhead, what is the managerial accountant's primary objective in select- ing the cost driver? 4. Describe some costs and benefits of using multiple overhead rates instead of a plantwide overhead rate. 5. Describe the process of two-stage cost allocation in the development of departmental overhead rates