Leak Enterprises LLC recorded the following transactions for the just completed month. The company had no beginning inventories. (1) Raw materials purchased for cash, $96,000
(2) Direct materials requisitioned for use in production, $69,000
(3) Indirect materials requisitioned for use in production, $22,000
(4) Direct labor wages incurred and paid, $129,000
(5) Indirect labor wages incurred and paid, $16,000
(6) Additional manufacturing overhead costs incurred and paid, $121,000
(7) Manufacturing overhead costs applied to jobs, $163,000
(8) All of the jobs in process were completed.
(9) All of the completed jobs were shipped to customers.
(10) Any underapplied or overapplied overhead for the period was closed out to Cost of Goods Sold.
Use the following T-accounts to answer the following questions. Cash Raw Materials Work In Process Finished Goods Manufacturing Overhead Cost of Goods Sold The manufacturing overhead is:
A. $26,000 Underapplied
B. $26,000 Overapplied
C. $4,000 Underapplied
D. $4,000 Overapplied
Answer: D
You might also like to view...
A vendor that employs sales associates for retailers to visit stores, analyze their business and inventory, and create displays of their products will most likely also utilize what method of product delivery?
A. Drop-shipping B. Consumer direct fulfillment C. Reverse logistics D. Direct store delivery E. Cross-docking
When someone believes that a female has broken through the glass ceiling simply as a result of her gender, this is an example of ______.
a. passive acceptance b. a positive attribution c. a negative attribution d. hostile jealousy
The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features
A) societal marketing B) marketing C) selling D) production E) product
A good relationship with the client can be maintained if the:
A. salesperson outdoes the client. B. client takes full control. C. client outdoes the salesperson. D. roles and expectations of each person are defined. E. salesperson changes the client's mind on issues.