ABC Inc. has provided the following data for the month of May. 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 Process Finished Goods Cost of Goods Sold Total $10,670 $12,000 $ 81,120 $103,790 101,400 68,640 $251,160 Direct materials Direct labor 11,630 Manufacturing overhead applied 9,680 $31,980 Total 15,000 9,680 $36,680 128,030 88,000 $319,820 Manufacturing overhead for the month was underapplied by $6,000. The Corporation 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 manufacturing overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for May would include the following: Group of answer choices debit to Work in Process of $660 None of the other answers. debit to Work in Process of $31,980 credit to Work in Process of $31,980 credit to Work in Process of $660

ABC Inc. has provided the following data for the month of May. 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 Process Finished Goods Cost of Goods Sold Total $10,670 $12,000 $ 81,120 $103,790 101,400 68,640 $251,160 Direct materials Direct labor 11,630 Manufacturing overhead applied 9,680 $31,980 Total 15,000 9,680 $36,680 128,030 88,000 $319,820 Manufacturing overhead for the month was underapplied by $6,000. The Corporation 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 manufacturing overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for May would include the following: Group of answer choices debit to Work in Process of $660 None of the other answers. debit to Work in Process of $31,980 credit to Work in Process of $31,980 credit to Work in Process of $660

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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