Overallocated manufacturing overhead occurs when the manufacturing overhead allocated to Work-in-Process Inventory is less than the amount actually incurred

Gordon has defaulted in the payment of several of his debts, and the court has ordered his property sold to satisfy them. A title search revealed several outstanding liens against the property. Which of the following liens has highest priority?

A) An outstanding first mortgage lien dated and recorded one year ago B) A real estate tax lien for the current year C) A judgment lien rendered and recorded last month D) A mechanic's lien for work started two months before the mortgage was recorded

Considering the EOQ model, a reduction in ordering costs justifies reducing the lot size ordered

Indicate whether the statement is true or false