Question Details

Cost of goods manufactured is the amount of cost transferred 



1. Manufacturing overhead was estimated to be $200,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $215,000, and actual labor hours were 21,000. To dispose of the balance in the Manufacturing Overhead account, which of the following would be correct? 
A. Cost of Goods Sold would be credited for $15,000
B. Cost of Goods Sold would be credited for $5,000
C. Cost of Goods Sold would be debited for $5,000
D. Cost of Goods Sold would be debited for $15,000
 
2. Manufacturing overhead was estimated to be $200,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $215,000, and actual labor hours were 21,000. To dispose of the balance in the Manufacturing Overhead account, which of the following would be correct? 
A. Manufacturing Overhead would be credited for $5,000
B. Manufacturing Overhead would be credited for $15,000
C. Manufacturing Overhead would be debited for $5,000
D. Manufacturing Overhead would be debited for $15,000
 
3. Manufacturing overhead was estimated to be $250,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $225,000, and actual direct labor hours were 19,000. To dispose of the balance in the Manufacturing Overhead account, which of the following would be correct? 
A. Cost of Goods Sold would be credited for $25,000
B. Cost of Goods Sold would be credited for $12,500
C. Cost of Goods Sold would be debited for $12,500
D. Cost of Goods Sold would be debited for $25,000
 
4. Manufacturing overhead was estimated to be $250,000 for the year along with 20,000 direct labor hours. Actual manufacturing overhead was $225,000, and actual direct labor hours were 19,000. To dispose of the balance in the Manufacturing Overhead account, which of the following would be correct? 
A. Manufacturing Overhead would be credited for $12,500
B. Manufacturing Overhead would be credited for $25,000
C. Manufacturing Overhead would be debited for $12,500
D. Manufacturing Overhead would be debited for $25,000
 
5. Cost of goods manufactured is the amount of cost transferred 
A. out of Finished Goods Inventory and into Cost of Goods Sold.
B. out of Finished Goods Inventory and into Work in Process Inventory.
C. out of Work in Process Inventory and into Manufacturing Overhead.
D. out of Work in Process Inventory and into Finished Goods Inventory.



Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help