Which of the following statements is true? I. Overhead can be applied slowly as a job is worked on. II. Overhead can be applied when the job is completed. III. Overhead should be applied to any job not completed at year-end in order to properly value the work in process inventory.

I. Overhead can be applied slowly as a job is worked on.

II. Overhead can be applied when the job is completed.

III. Overhead should be applied to any job not completed at year-end in order to properly value the work in process inventory.                

Explanation:

At business or during a project work, overhead may be defined as the extra expenses that is requires to carry on the project as the project progresses. It is the ongoing expenditure for operating the business. The extra expenses can be applied as the work progresses or when the work is complete. The overhead is also applied to the project if it is mot completed at the year end to ensure proper value of the project in the process inventory.

Hence all the three statement are correct.