Stockman Inc. has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.  Work In ProcessFinished GoodsCost of Goods SoldTotalDirect materials$4,070 $15,680 $42,080 $61,830 Direct labor 7,760  27,440  73,640  108,840 Manufacturing overhead applied 5,130  14,250  37,620  57,000 Total$16,960 $57,370 $153,340 $227,670  Manufacturing overhead for the month was overapplied by $1,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in

those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

A. credit to Finished Goods of $57,370
B. debit to Finished Goods of $57,370
C. credit to Finished Goods of $250
D. debit to Finished Goods of $250


Answer: C

Business

You might also like to view...

The more complex a culture is, the less likely it is to develop subcultures

a. True b. False

Business

Abridgment of the right to assemble peacefully is prohibited by the ________ Amendment to the U.S. Constitution

A) First B) Fourth C) Sixth D) Thirteenth

Business

The three primary objectives of an advertising campaign are

A. to inform, to persuade, and to remind. B. to excite, to entice, and to engage. C. to inform, to entertain, and to influence. D. to promote goodwill, to arouse interest, and to sell. E. to entertain, to remind, and to sell.

Business

The project team toiled long into the night to develop consequence of failure scores and probability of failure scores as indicated below. What is the overall risk factor for the project?

Maturity 0.7 Cost 0.4 Complexity 0.6 Schedule 0. 6 Dependency 0.8 Reliability 0.8 Performance 0.9 A) Less than or equal to 0.7 B) Greater than 0.7 but less than or equal to 0.8 C) Greater than 0.8 but less than or equal to 0.9 D) Greater than 0.9

Business