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 debit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $30,000 debit to Work in Process for $7,500

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 debit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $12,000 credit to Cost of Goods Sold for $30,000 debit to Work in Process for $7,500

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 5SEB: PREDETERMINED FACTORY OVERHEAD RATE Marston Enterprises calculates a predetermined factory overhead...

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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%

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