he records of Tuscon Corporation revealed the following data for the current year. Work in Process $73,150 Finished Goods 115,000 Cost of Goods Sold 133,650 Direct Labor 111,600 Direct Material 84,200 Refer to Tuscon Corporation. Assume that Tuscon has underapplied overhead of $37,200 and that this amount is material. What journal entry is needed to close the overhead account? (Round decimals to nearest whole percent.) Select one: a. Debit Overhead $37,200 and credit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 b. Debit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 and credit Overhead $37,200
he records of Tuscon Corporation revealed the following data for the current year. Work in Process $73,150 Finished Goods 115,000 Cost of Goods Sold 133,650 Direct Labor 111,600 Direct Material 84,200 Refer to Tuscon Corporation. Assume that Tuscon has underapplied overhead of $37,200 and that this amount is material. What journal entry is needed to close the overhead account? (Round decimals to nearest whole percent.) Select one: a. Debit Overhead $37,200 and credit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 b. Debit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 and credit Overhead $37,200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tuscon Corporation
The records of Tuscon Corporation revealed the following data for the current year.
| Work in Process | $73,150 |
| Finished Goods | 115,000 |
| Cost of Goods Sold | 133,650 |
| Direct Labor | 111,600 |
| Direct Material | 84,200 |
Refer to Tuscon Corporation. Assume that Tuscon has underapplied
Select one:
a. Debit Overhead $37,200 and credit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450
b. Debit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 and credit Overhead $37,200
c. Debit Cost of Goods Sold $37,200 and credit Overhead $37,200
d. Debit Work in Process $37,200 and credit Overhead $37,200
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