Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versusclosing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold?The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out byallocating it to all appropriate accounts.a.b.None of given answer is correct.С.Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as wellas to Cost of Goods Sold.d.Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold.e.The balance in the Work-in-Process account after allocation will be the same under either method.Clear my choice

תתוחוsכסו Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cos closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? a. The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is allocating it to all appropriate accounts. b. None of given answer is correct. C. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventon as to Cost of Goods Sold. d. all of tho ouoranpliod overbead is closed out to Cost of Goods Sold.

תתוחוsכסו Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cos closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? a. The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is allocating it to all appropriate accounts. b. None of given answer is correct. C. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventon as to Cost of Goods Sold. d. all of tho ouoranpliod overbead is closed out to Cost of Goods Sold.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 3MC: Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B....

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Which is not a step in analyzing the cost driver for manufacturing overhead? A. Identify the cost B. identify non-value-added costs C. analyze the effect on manufacturing overhead D. identify the correlation between the potential driver and manufacturing overhead
Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? O a. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. O b. None of given answer is correct. O c. Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. O d. The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out by allocating it to all appropriate accounts. O e. The balance in the Work-in-Process account after allocation will be the same under either method. The adjustment of underapplied manufacturing overhead cost results in: O a. decrease in cost of goods sold Fir O b. increase in net operating income. of O C. none of the given answers hp 米 15 10 11 f12 23…
Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? O a. None of given answer is correct. O b. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. O c. The balance in the Work-in-Process account after allocation will be the same under either method. O d. Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out by allocating it to all appropriate accounts. O e.
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Which of the following is correct with respect to closing out underapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? Select one: O a. The balance in the Work-in-Process account after allocation will be higher if the underapplied overhead is closed out by allocating it to all appropriate accounts. O b. Cost of Goods Sold will be higher if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. Oc. None of given ANSWER is correct. O d. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. O e. The balance in the Work-in-Process account after allocation will be the same under either method.
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A. Multiple Choice:Write the letter of the correct answer in the given worksheet. When the amount of overapplied manufacturing overhead as significant, the netry to close Overapplied Manufacturing Overhead will most likely require: a. A debit to Cost of Goods Sold b. Debits to Cost of Goods Sold, Finished Goods Inventory, and Work in Process Inventory C. A credit to Cost of Goods Sold d. Credit to Cost of Goods Sold, Finished Goods Inventory, and Work in Process Inventory. An objection to the use of predetermined overhead rate based on direct labor costs is that a. These items are difficult to measure. b. A job is charged with more overhead when a highly paid operator works on the job than when a low paid operator performs the work. C. Overhead is allocated in relation to units produced by workers. d. Overhead rate will be distributed inequitable when there are no wage differentials in the department. 3. All of the following phrases are used as alternate terminology for manufacturing…
What would cost of good sold be if under or overapplied overhead were closed to cost of goods sold?
the ---- account is credited to adjust for underallowcated overhead costs. A. sales revenue B. Finished goods inventory C. manufacturing overhead D.cost of goods sold