Select the incorrect statement concerning overapplied overhead.\ Overapplied overhead may result if the company's actual utilization of capacity is greater than expected.\ The overhead control account will have a debit balance.\ Overapplied overhead must be closed at year-end because a single year's activity level was used to set the predetermined overhead rate.\ The amount of overhead transferred to WIP from the overhead control account exceeded the actual amount of overhead incurred.

Select the incorrect statement concerning overapplied overhead. O Overapplied overhead may result if the company's actual utilization of capacity is greater than expected. The overhead control account will have a debit balance. O Overapplied overhead must be closed at year-end because a single year's activity level was used to set the predetermined overhead rate. The amount of overhead transferred to WIP from the overhead control account exceeded the actual amount of overhead incurred.