1. A company has $10,000 under-applied overhead at the end of a given period. The following information is given:

   Account Ending balance Overhead applied in the account

   Work-in-process $100,000 $30,000

   Finished goods $80,000 $20,000

   Cost of goods sold $220,000 $50,000

   The Manufacturing overhead control has a balance of some amount of x (not revealed) before closing.

   The Applied manufacturing overhead has a balance of some other amount of y (not revealed) before closing.

   The company uses the proration method to allocate the under-applied overhead to the above accounts. The necessary journal entry does not include a:

   	A.	debit to Work-in-process for $3,000.
   	B.	credit to Cot of Goods Sold for $5,000.
   	C.	debit to Applied manufacturing overhead for $y.
   	D.	credit to Manufacturing overhead control for $x.

1 points

QUESTION 16

1. (16) A company has sold a job (product) for $10,000 cash. The company incurred $8,000 to complete the job. The journal entries for this sale include a:

   	A.	debit to Work-in-process for $2,000 .
   	B.	debit to Cost of goods sold for $8,000.
   	C.	credit to Retained earnings for $2,000
   	D.	credit to Finished goods for $10,000

A process/department (using process costing) has competed all units from the beginning work-in-process and units started. Both the weighted average and FIFO method will result in the same amount for:

	A.	cost of compete units
	B.	equivalent units of production for materials
	C.	equivalent units of production for materials (if beginning work-in-process is 100% as to materials)
	D.	cost per equivalent unit for conversion (if beginning work-in-process is 100% as to conversion)
	E.	equivalent units of production for conversion