Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Reith Inc. has provided the following data for the month of November. There were no beginning inventories consequently, the direct materials, direct labor, and manufacturing

image text in transcribed
image text in transcribed
Reith Inc. has provided the following data for the month of November. There were no beginning inventories consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Direct labor Manufacturing overhead applied Total Work In Process $1,650 3,510 1,560 $6,920 Finished Goods $10,440 22,620 7,800 $40,860 Cost of Goods Sold $ 58,560 126,880 42,640 $228,080 Total $ 70,850 153, 010 52,000 $275,860 Manufacturing overhead for the month was overapplied by $4,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following: Multiple Choice 0 o debit to Finished Goods of $600 0 credit to Finished Goods of $600 0 O debit to Finished Goods of $40,860 0 credit to Finished Goods of $40,860

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost-Benefit Analysis

Authors: Euston Quah, E.J. Mishan

5th Edition

0415350379, 9780415350372

More Books

Students also viewed these Accounting questions

Question

=+Show photos of consumers?

Answered: 1 week ago

Question

=+Exhibit children's artwork?

Answered: 1 week ago

Question

=+What kind of product or service would work in these locations?

Answered: 1 week ago