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The Chronicle Fabrication Plant had a fire at the beginning of 2019 and most of the records for the year 2018 were lost. Some data for the year 2018 were located by the accountants and are shown below. Total manufacturing overhead estimated at the beginning of the year: Total direct labor costs estimated at the beginning of the year: Total direct labor hours (DLH) estimated at the beginning of the year: Actual manufacturing overhead costs for the year: Actual direct labor costs for the year: Actual direct labor hours (DLH) for the year: $105,840 $186,000 3.600 DLH $99,760 $142,000 2,950 DLH Using direct labour hours as the cost driver, the journal entry to dispose of the manufacturing overhead variance is: O a. Dr. WIP $1,0800 and Cr. Manufacturing Overhead $6,080 O b. Dr. COGS $13,030 and Cr. Manufacturing Overhead $13,030 O. Dr. Manufacturing Overhead $13,030 and Cr. COGS $13,030 O d. Dr. Manufacturing overhead $6,080 and Cr. COGS $6,080

The Chronicle Fabrication Plant had a fire at the beginning of 2019 and most of the records for the year 2018 were lost. Some data for the year 2018 were located by the accountants and are shown below. Total manufacturing overhead estimated at the beginning of the year: Total direct labor costs estimated at the beginning of the year: Total direct labor hours (DLH) estimated at the beginning of the year: Actual manufacturing overhead costs for the year: Actual direct labor costs for the year: Actual direct labor hours (DLH) for the year: $105,840 $186,000 3.600 DLH $99,760 $142,000 2,950 DLH Using direct labour hours as the cost driver, the journal entry to dispose of the manufacturing overhead variance is: O a. Dr. WIP $1,0800 and Cr. Manufacturing Overhead $6,080 O b. Dr. COGS $13,030 and Cr. Manufacturing Overhead $13,030 O. Dr. Manufacturing Overhead $13,030 and Cr. COGS $13,030 O d. Dr. Manufacturing overhead $6,080 and Cr. COGS $6,080

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The Chronicle Fabrication Plant had a fire at the beginning of 2019 and most of the records for the year 2018 were lost. Some data for the year 2018 were located by the accountants and are shown below. Total manufacturing overhead estimated at the beginning of the year: Total direct labor costs estimated at the beginning of the year: Total direct labor hours (DLH) estimated at the beginning of the year: Actual manufacturing overhead costs for the year: Actual direct labor costs for the year: Actual direct labor hours (DLH) for the year: $105,840 $186,000 3,600 DLH $99,760 $142,000 2,950 DLH Using direct labour hours as the cost driver, the journal entry to dispose of the manufacturing overhead variance is: O a. Dr. WIP $1,0800 and Cr. Manufacturing Overhead $6,080 O b. Dr. COGS $13,030 and Cr. Manufacturing Overhead $13,030 O. Dr. Manufacturing Overhead $13,030 and Cr. COGS $13,030 O d. Dr. Manufacturing overhead $6,080 and Cr. COGS $6,080
Transcribed Image Text:The Chronicle Fabrication Plant had a fire at the beginning of 2019 and most of the records for the year 2018 were lost. Some data for the year 2018 were located by the accountants and are shown below. Total manufacturing overhead estimated at the beginning of the year: Total direct labor costs estimated at the beginning of the year: Total direct labor hours (DLH) estimated at the beginning of the year: Actual manufacturing overhead costs for the year: Actual direct labor costs for the year: Actual direct labor hours (DLH) for the year: $105,840 $186,000 3,600 DLH $99,760 $142,000 2,950 DLH Using direct labour hours as the cost driver, the journal entry to dispose of the manufacturing overhead variance is: O a. Dr. WIP $1,0800 and Cr. Manufacturing Overhead $6,080 O b. Dr. COGS $13,030 and Cr. Manufacturing Overhead $13,030 O. Dr. Manufacturing Overhead $13,030 and Cr. COGS $13,030 O d. Dr. Manufacturing overhead $6,080 and Cr. COGS $6,080
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