QUESTION 2 Amanufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360000 and direct labor hours would be 45.000. Actual factory overhead costs incurred were 5377,200, and actual direct labor hours were 47,000. What is the amount of overapplied or underapplied manufacturing overhead at the end of the year? 516,000 overapplied $16.000 underapplied $1.200 overapplied $1,200 underapplied QUESTION if the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a debit balance and be underapplied credit balance and be underapplied credit balance and be overapplied debit balance and be overapplied QUESTION 4 in a job order cost accounting system used by a service business, which of the following items would normally not be included as part of overhead? Materials Direct labor Supplies QUESTIONS The amount of time spent by an employee in the factory is usually recorded on time cards job order cost sheets employees aming records statement of owners' equity QUESTION 5 The amount of time spent by an employee in the factory is usually recorded on: O time cards job order cost sheets employees' earnings records statement of owners' equity QUESTION 6 Which of the following would most likely be a product cost? Salary of VP of sales. Advertising for a particular product. Drill bits for a drill press used in the plant assembly area. Salary of the company receptionist