The amount by which the overhead applied to jobs during a period is less than the overhead incurred during the period is known as: a. Adjusted overhead b. Estimated overhead c. Predetermined overhead d. Underapplied overhead The balance is the Work in Process Inventory Control account on July 1, $15, 500, and the balance on July 31, $21, 800. Costs incurred during the month were as follows: direct materials, $31,000; direct labor, $53,000; and overhead $25, 100. What amount was transferred to the Finished Goods Inventory control account for July? a. $78, 100 b. $124, 600 c. $102, 800 d. $146, 400 The following budget data are available for Larson Corporation: Estimated direct labor hours 8.000 Actual direct labor hours 8, 500 Estimated direct labor dollars $92,000 Actual direct labor dollars $90,000 Estimated overhead costs $120,000 Actual overhead cost $160,000 If overhead is to be applied based on direct labor hours, the predetermined overhead rate is: a. $15.00 b. $20.00 c. $11.50 d. $18.82 If Timber Company applied overhead on the basis of labor hours, using a rate of $2.50 per labor hours, how much overhead would be applied to products in January if $5, 600 of labor costs were incurred and 1, 780 labor hours were worked? a. $ 3, 820 b. $ 5, 600 c. $ 4, 450 d. $14,000 Under a job order cost system, the dollar amount of the entry involved in the transfer of goods from Goods in Process to Finished Goods is the total of the costs charged to all jobs: a. started during the period b. completed and sold during the period c. completed during the period d. that are at least 50 percent completed