- What are factory overhead expenses, and what distinguishes them from other manufacturing costs? What other terms are used to describe factory overhead expenses
- What are three categories of factory over- head expenses? Give examples of each.
- What are the distinguishing characteristics of variable, fixed, and semivariable factory overhead costs?
- When a product’s cost is composed of fixed and variable costs, what effect does the increase or decrease in production have on per unit cost?
- What effect does a change in volume have on total variable, fixed, and semivariable costs?
- Distinguish between a step-variable cost and a step-fixed cost
- What are the advantages and disadvantages of the scattergraph method as com- pared to the high-low method?
- Differentiate between an independent variable and a dependent variable and give an example of each
- What are two types of departments found in a factory? What is the function or purpose of each?
- What are the shortcomings of waiting until the actual factory overhead expenses are known before recording such costs on the job cost sheets?
- What are the two types of budget data needed to compute predetermined over- head rates?
- What are three methods traditionally used for applying factory overhead to jobs? Dis- cuss the allocation base used in each method
- How does activity-based costing differ from traditional methods of applying over- head to products?
- What steps must a company take to successfully employ activity-based costing?
- What is the relationship between activity- based costing and activity-based management?
- What are the classifications of cost commonly used in activity-based costing? Give examples of each.
- If the factory overhead control account has a debit balance of $1,000 at the end of the first month of the fiscal year, has the over- head been under- or overapplied for the month? What are some probable causes for the debit balance?
- If the factory overhead control account has a credit balance of $2,000 at the end of the first month of the fiscal year, has the overhead been under- or overapplied for the month? What are some probable causes for the credit balance?
- What are two ways that an under- or over- applied factory overhead balance can be dis- posed of at the end of a fiscal period? How can one decide which method to choose?
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