5.Pilgrim Company applies overhead on the basis of machine hours. Given the following data, compute overhead applied and the under- or overapplication of overhead for the period: Estimated annual overhead cost $1,200,000 Actual annual overhead cost $1,150,000 Estimated machine hours 300,000 Actual machine hours 280,000 Question 5 options: $1,200,000 applied and $30,000 overapplied. $1,120,000 applied and $30,000 underapplied. $1,150,000 applied and neither under- nor overapplied. $1,120,000 applied and $30,000 overapplied.

8.The production cost report shows both quantities and costs. Costs are reported in three sections: (1) costs accounted for, (2) unit costs, and (3) costs charged to department. The sections are listed in the following order: Question 8 options: (2), (3), (1). (1), (2), (3). (1), (3), (2). (2), (1), (3).

20.The concept of significant influence must be satisfied before which accounting method can be used by an investor? Question 20 options: Consolidated financial statements. All of these answers are correct. Cost. Equity.

21.Which of the following pairs of terms in the area of financial statement analysis are synonymous? Question 21 options: Horizontal Trend Horizontal Ratio Ratio Trend Vertical Ratio

24.In accounting for available-for-sale securities, the Unrealized Loss on Available-for-Securities account should be classified as a: Question 24 options: contra asset on the balance sheet. liability on the balance sheet. deduction in the stockholders' equity section of the balance sheet. loss on the income statement.