a. Under Normal Costing Method, how shall material over-application or under-application of factory overhead be treated? A. It shall be closed to cost of goods sold only B. It shall be allocated proportionately to finished goods and cost of goods sold only. C. It shall be allocated proportionately to work-in-process, finished goods, and cost of goods sold only. D. It shall be allocated proportionately to raw materials, work-in-process, finished goods, and cost of goods sold only.
a. Under Normal Costing Method, how shall material over-application or under-application of factory
A. It shall be closed to cost of goods sold only
B. It shall be allocated proportionately to finished goods and cost of goods sold only.
C. It shall be allocated proportionately to work-in-process, finished goods, and cost of goods
sold only.
D. It shall be allocated proportionately to raw materials, work-in-process, finished goods, and
cost of goods sold only.
b. In the reconciliation of the investment in branch account and home office account, which of the following reconciling items will require debit to the reciprocal account in Pasay branch's books for adjustment?
A. Goods are in transit from Home Office to Branch at the end of the year
B. Collections by Home Office of Pasig branch's receivable.
C. Payment by Home Office of Pasay branch's payable.
D. Collection by Panay branch of Pasay branch's receivable
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