Which of the following statements is incorrect?
A) Today, with automation and computerisation, factory overhead costs are often a higher proportion of total manufacturing costs than direct labour costs.
B) A manufacturing entity using a periodic inventory system must rely on the judgement of the accountant and/or the production manager to estimate the value of ending work in process.
C) An overhead application rate is an historical rate.
D) The direct labour rate per unit of output is constant but total direct labour costs increase with an increase in the level of production.
Correct Answer:
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