Which of the following statements is incorrect?
A) Two cost drivers often used in practice are: direct labor hours and machine hours.
B) The Work in Process inventory account is increased when manufacturing overhead is applied to production.
C) The predetermined overhead rate is multiplied by the budgeted cost driver level to determine the application of overhead to a particular job.
D) The formula to arrive at the predetermined overhead rate is budgeted total manufacturing overhead divided by budgeted activity level of the cost driver.
E) The calculation of the predetermined overhead rate is made at the beginning of the period under a normal costing system.
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