Midtown, Inc. uses a predetermined overhead allocation rate of $61 per direct labor hour. In January, the company completed Job A23 which utilized 24 direct labor hours. Which of the following correctly describes the journal entry to allocate overhead to the job? O A. debit Manufacturing Overhead $61 and credit Work-in-Process Inventory $61 OB. debit Finished Goods Inventory $1,464 and credit Manufacturing Overhead $1,464 OC. debit Work-in-Process Inventory $1,464 and credit Manufacturing Overhead $1,464 OD. debit Cost of Goods Sold $61 and credit Finished Goods Inventory $61

Midtown, Inc. uses a predetermined overhead allocation rate of $61 per direct labor hour. In January, the company completed Job A23 which utilized 24 direct labor hours. Which of the following correctly describes the journal entry to allocate overhead to the job? O A. debit Manufacturing Overhead $61 and credit Work-in-Process Inventory $61 OB. debit Finished Goods Inventory $1,464 and credit Manufacturing Overhead $1,464 OC. debit Work-in-Process Inventory $1,464 and credit Manufacturing Overhead $1,464 OD. debit Cost of Goods Sold $61 and credit Finished Goods Inventory $61

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Description: Midtown, Inc. uses a predetermined overhead allocation rate of $61 per direct labor hour. In January, the company completed Job A23 which utilized 24 direct labor hours. Which ofthe following correctly describes the journal entry to allocate overhea

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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