1)Assume the following from a schedule of cost of goods manufactured:

Purchases of raw materials	$ 38,000
Indirect materials used in production	$ 7,000
Beginning work in process inventory	$ 10,000
Ending work in process inventory	$ 14,000
Total manufacturing costs added to production	$ 80,000
Actual manufacturing overhead costs incurred	$ 34,000
Manufacturing overhead applied to production	$ 32,000

What is the cost of goods manufactured?

Multiple Choice

• $76,000
• $82,000
• $88,000
• $104,000

2) Which of the following properly records the closing entry related to $4,000 of underapplied overhead?

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Multiple Choice

	Debit	Credit
Cost of Goods Sold	4,000
Manufacturing Overhead		4,000

	Debit	Credit
Sales	4,000
Cost of Goods Sold		4,000

	Debit	Credit
Manufacturing Overhead	4,000
Cost of Goods Sold		4,000

	Debit	Credit
Cost of Goods Sold	4,000
Finished Goods		4,000