Manufacturing overhead applied$ 150,000 Actual amount of manufacturing overhead costs120,000 Amount of overhead applied during the year that is in: Work in Process$ 37,50025%Finished Goods52,50035%Cost of Goods Sold60,00040%Total overhead applied$ 150,000100% Knowledge Check 01If the Manufacturing Overhead account is closed to Cost of Goods Sold, the related entry will ________. multiple choice 1decrease the cost of goods sold by $30,000increase the cost of goods sold by $30,000decrease the cost of goods sold by $150,000increase the cost of goods sold by $150,000 Knowledge Check 02If the Manufacturing Overhead account is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold, the related entry will include a ________. multiple choice 2debit to Cost of Goods Sold for $12,000credit to Cost of Goods Sold for $12,000credit to Cost of Goods Sold for $30,000debit to Work in Process for $7,500

Overheads are known as the expenses that are incurred to produce the goods. The applied overhead is…

Answered: Manufacturing overhead applied $…

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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Related questions

Question

Manufacturing overhead applied	$ 150,000
Actual amount of manufacturing overhead costs	120,000
Amount of overhead applied during the year that is in:
Work in Process	$ 37,500	25%
Finished Goods	52,500	35%
Cost of Goods Sold	60,000	40%
Total overhead applied	$ 150,000	100%

Knowledge Check 01

If the Manufacturing Overhead account is closed to Cost of Goods Sold, the related entry will ________.

multiple choice 1

decrease the cost of goods sold by $30,000
increase the cost of goods sold by $30,000
decrease the cost of goods sold by $150,000
increase the cost of goods sold by $150,000

Knowledge Check 02

If the Manufacturing Overhead account is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold, the related entry will include a ________.

multiple choice 2