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. Ob. The balance in the Work-in-Process account after allocation will be the same under either method. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well a O C. 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. Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. The total conversion cost for company XYZ was five times the prime cost. The direct labor cost was $40,000 while the direct materi cost was $20,000. How much was the manufacturing overhead cost ($)? a. 280,000 O b. 260,000 O C. 100,000 d. 300,000 None of the given answers

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. Ob. The balance in the Work-in-Process account after allocation will be the same under either method. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well a O C. 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. Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. The total conversion cost for company XYZ was five times the prime cost. The direct labor cost was $40,000 while the direct materi cost was $20,000. How much was the manufacturing overhead cost ($)? a. 280,000 O b. 260,000 O C. 100,000 d. 300,000 None of the given answers

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Description: (ACADEMIC)E-LEARNING SERVICESSQU LIBRARIESSQU PORTALATTENDANCEurses / ACCT2121_yasserg_Spring21 / Midterm Exam One / Midterm Exam OneTime left 1:49:27Which of the following is correct with respect to closing out overapplied manufacturing overhead to

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 10E

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ttempt%3D1347310&cmid%3D701917 ming services SQU Libraries SQU Portal Attendance English (en Which of the following is correct with resnect 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: 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. b. The balance in the Work-in-Process account after allocation will be the same under either method. C. None of given ANSWER is correct. d. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. X e. Cost of Goods Sold will be higher if the underapplied. overhead is closed out by allocatinog it to the inventory accounts as well as to Cost of Goods Sold. The corect
Which of the following represents the accumulated costs of incomplete ?jobs Finished Goods Inventory a O Raw Materials Inventory .b O Cost of Goods Sold .c O Work in Process Inventory .d O None of the given answer is correct .e O الصقحة التالية hp 10 & 7 V 6. 8. 9. { Y' G K 近

d. What was the cost of products completed during Febuary? e. What was the balance of the Work-in-Process Inventory account at the end of Fabuary? f. What was the operating profit for Febuary? Any over- or underapplied overhead is written off to Cost of Goods Sold? Please provide an explanation it would be of great help with my learning. Thank you <3
TB MC Qu. 3-30 (Static) The final step in recognizing the... The final step in recognizing the completion of production requires a company to: Multiple Choice add direct materials to Finished-Goods Inventory. add direct labor to Work-in-Process Inventory. add direct materials, direct labor, and manufacturing overhead to Work-in-Process Inventory. debit Finished-Goods Inventory and credit Work-in-Process Inventory. debit Work-in-Process Inventory and credit Finished-Goods Inventory.
Which of the following is correct with respect to Time left 1:59:07 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? а. 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. O b. The balance in the Work-in-Process account after allocation will be the same under either method. O c. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. d. 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. e. None of given answer is correct.
2) Under process costing the perpetual inventory system is used account is credited to adjust for underallocated overhead costs. The OA Manufacturing Overhead OB Cost of Goods Soid Oc Sales Revenue OD. Finished Goods inventory
7 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? Faved out of question Select one: O a. Cost of Goods Sold will be lower if the underapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. O b. The balance in the Work-in-Process account after allocation will be the same under either method. O c. Operating income will be higher if all of the underapplied overhead is closed out to Cost of Goods Sold. O d. None of given ANSWER is correct. Fi O e. The balance in the Work-in-Process account after allocation will be lower if the underapplied overhead is closed out by allocating it to all appropriate accounts.
mcqs 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? a 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. 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. c Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. d The balance in the Work-in-Process account after allocation will be the same under either method.
Kindly answer the two question. NO EXPLANATION NEEDED. Thankyou1. Choose the right answer. No 1. When raw materials are issued to production, these will become part of work in process inventory. Raw materials Inventory account reflects the cost of materials and factory supplies that will be used in the manufacturing process. No 2. Conversion cost is composed of direct labor and overhead cost a. Both are true b. Both are false c. Only No. 1 is true d. Only No. 2 is true 2. Choose the right answer. No 1. When goods are sold, their cost is debited to Cost of goods sold. No 2. Work in process account pertains to inventory not yet completed or needs further processing. When completed, Work in process account is debited. a. Both are true b. Both are false c. Only No. 1 is true d. Only No. 2 is true
Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
Question (ii) Please to show working on how you arrived with the answers in the Journal entry also I need answer for (iv) along with working out . Please also take into consideration the following when approaching the questions: To record materials issued (Direct & Indirect) – Dr. WIP (Direct); Dr. Manufacturing O/H (Indirect); Cr Material Inventory Manufacturing Wages/Labour - Note that there are two ways of journalizing this cost · First Dr Manufacturing Wages; Cr Wages Payable; Then Dr WIP (Direct), Dr MO (Indirect), Cr Manufacturing Wages OR · Leave out Manufacturing Wages: Dr WIP (Direct), Dr MO (Indirect), Cr Wages Payable NOTE: Wages Payable may also be referred to as Accrued Wages or Accrued Payroll To record Other Manufacturing O/H Costs- Dr Manufacturing O/H; Cr Various A/Cs e.g. Prepaid Insurance, Accumulated Depreciation, Cash etc. To record Manufacturing O/H Applied: Dr WIP; Cr Manufacturing O/H To record Finished Goods: Dr FG; Cr WIP To record Units…
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.