A firm incurs $35,000,000 of actual OH costs. It has a PDOH rate of $450 per machine hour and 100,000 machine hours were actually consumed during the period. The firm has 0 units in beginning WIP, it started 250 units and completed 230 units. Only 15 completed units are still waiting for the sales to be finalized (i. e. not "sold" yet). Which of the following is a feasible journal entry to close the Overhead Control account at the end of the period?
a.
Debit: Cost of Goods Sold $10,000,000
Credit: Overhead Control $10,000,000
b.
Debit: WIP $800,000
Debit: Finished Goods $600,000
Debit: Cost of Goods Sold $8,600,000
Credit: Overhead Control $10,000,000
c.
Debit: Overhead Control $10,000,000
Credit: Cost of Goods Sold $10,000,000
d.
Debit: Overhead Control $10,000,000
Credit: WIP $3,333,333
Credit: Finished Goods $3,333,333
Credit: Cost of Goods Sold $3,333,334
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A firm incurs $35,000,000 of actual OH costs. It has a PDOH rate of $450 per machine hour and 100,000 machine hours were actually consumed ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
New lithographic equipment, acquired at a cost of $800,000 on March 1 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $90,000.
Answers (1)
Alpha Company has riskless debt, a debt-equity ratio of. 46, a tax rate of 35 percent, and an unlevered firm beta of 1.23. What is the equity beta?
Answers (1)
Hemberger Corporation currently produces baseball caps in an automated process. Expected production per month is 20,000 units, direct material costs are $1.50 per unit, and fixed manufacturing overhead costs are $23,000 per month.
Answers (1)
At your new job, the human resources department ask you to bring two forms of identification before you can start working. Which of the following is the best reason for this? A. The company wants to make sure it spells her name correctly. B.
Answers (1)
Energy that is stored and available to be used later is called
Answers (1)
New Questions in Business
Preparing a Budgeted Income Statement Oliver Company provided the following information for the coming year: Units produced and sold 160,000 Cost of goods sold per unit $6.30 Selling price $11 Variable selling and administrative expenses per unit $1.
Answers (1)
What is NOT one of the three primary resources that families have to reach financial goals?
Answers (1)
Interest groups ___. Are most often set up by or work for elites and corporations Work to influence laws and policies Work to influence court rulings All of these answers
Answers (1)
What if the tile work had proceeded as contracted and looked good, but STR refused to pay, saying it didn't meet their personal satisfaction (even though the contract didn't mention this option). Could STR refuse to pay?
Answers (1)
You want to create a slide that lists the pros and cons of using cloud storage as part of your presentation on business technology. Which pre-set layout would you want to use? A. Content with caption B. Title only C.
Answers (2)