Question - Write an approximately 200 word paper on the subject of Manufacturing Overhead. Your article must include but not be limited to:
1. Definition of overhead.
2. Explanation of the term "cost driver".
3. What is meant by over (under) applied overhead.
4. How an overhead rated is determined and used.
5. Why overhead is applied to work-in-process versus using the actual overhead cost incurred in a given period.
6. A definition of "Activity Based Costing" and under what circumstances may it be useful.