Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for the month of September. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $76,000 and the total of the credits to the account was $66,000. Which of the following statements is true?
A. Actual manufacturing overhead incurred during the month was $66,000.
B. Manufacturing overhead for the month was underapplied by $10,000.
C. Manufacturing overhead applied to Work in Process for the month was $76,000.
D. Manufacturing overhead transferred from Finished Goods to Cost of Goods Sold during the month was $76,000.
Answer: B
You might also like to view...
A sampling procedure in which each element of the population has a fixed probabilistic chance of being selected for the sample is called ________
A) probability sampling B) nonprobability sampling C) quota sampling D) snowball sampling E) window sampling
All of the following are the general principles underlying the valuation of liabilities except:
a. Liabilities requiring future cash payments appear at the present value of the required future cash flows discounted at an interest rate that reflects the uncertainty that the firm will be able to make the cash payments. b. The fair value of a liability cannot differ from the amount appearing on the balance sheet, particularly for long-term debt. c. Liabilities representing cash advances from customers appear at the amount of the cash advance. d. Liabilities requiring the future delivery of goods or services appear at the estimated cost of those goods and services.
For a given sample size in hypothesis testing,
A. the smaller the Type I error, the smaller the Type II error will be. B. the smaller the Type I error, the larger the Type II error will be. C. Type II error will not be affected by Type I error. D. the sum of Type I and Type II errors must equal to 1.
Which type of consumer segmentation is correctly paired with its descriptor?
A) geographic segmentation: dividing the market by age, gender, income, and so on B) benefit segmentation: dividing the market by location C) demographic segmentation: dividing the market by frequency of customer usage D) user-rate-segmentation: dividing the market by benefits that people seek in a product E) psychographic segmentation: dividing the market by psychological characteristics, values, and lifestyles