Indicate Whether Each of the Following Statements Is True or False

Short Answer

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.______
If the amount of overapplied or underapplied overhead is fairly small,it should be assigned to work in process.______
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.______