1. A company completed a job on March 31, 20X1. Its cost of goods sold was $1,500. It sold the job on account to a customer at cost plus 20%. Which of the following is the journal entry to recognize the cost of the job?

Debit Overhead Control by $1,500 and Credit Cost of Goods Sold by $1,500

Debit Cost of Goods Sold by $1,500 and Credit Finished Goods by $1,500

Debit Cost of Goods Sold by $1,800 and Credit Sales Revenue by $1,800

Debit Accounts Receivable by $1,800 and Credit Cost of Goods Sold by $1,800

2. The Overhead Control of a company has an underapplied variance of $200. Which of the following is the journal entry to record the closing of the underapplied overhead?

Debit Overhead Control by $200 and Credit Cost of Goods Sold by $200

Debit Cost of Goods Sold by $200 and Credit Overhead Control by $200

Debit Budget Control by $200 and Credit Overhead Control by $200

Debit Overhead Control by $200 and Credit Budget Control by $200