16.When too much overhead cost is charged to products as they are made, the result is?Single choice.

(1 Point)

Inventory cost is too low

Overapplied overhead

Underapplied overhead

Understatement of Cost of Goods Sold

17.Which of the following statements is true? I. Overhead application may be made slowly as a job is worked on. II. Overhead application may be made in a single application at the time of completion of the job. III. Overhead application should be made to any job not completed at year-end in order to properly value the work in process inventory.Single choice.

(1 Point)

Both statements I and II are true.

Only statement I is true.

Statements I, II, and III are all true.

Only statement II is true.

18.CVP analysis requires costs to be categorized asSingle choice.

(1 Point)

direct or indirect.

product or period.

standard or actual.

either fixed or variable.