133.Indicate whether each of the following statements is true or false.Overapplied overhead means the amount of estimated overhead cost applied to products exceeded the actual overhead cost...

133.Indicate whether each of the following statements is true or false.


Overapplied overhead means the amount of estimated overhead cost applied to products exceeded the actual overhead cost incurred.
If the amount of overapplied or underapplied overhead is significant, it must be assigned to work in process inventory.
If the amount of overapplied or underapplied overhead is fairly small, it should be assigned to work in process inventory.
Using estimated overhead costs during an accounting period reduces the distortions that would occur if actual monthly costs were used.
Actual overhead costs are recorded as debits to the manufacturing overhead account.

134.Indicate whether each of the following statements is true or false.


Estimated overhead costs are applied to work in process inventory at the time the goods are produced.
Overhead is applied to work in process by debiting manufacturing overhead and crediting finished goods inventory.
Recognizing estimated overhead is an asset exchange transaction.
Actual overhead costs are recorded with a credit to manufacturing overhead.
During a company's accounting period, manufacturing overhead is likely to be either overapplied or underapplied.