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The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000, while ...

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The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000, while ...

The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000, while the manufacturing overhead applied to Work in Process was $73,000. The Corporation's Cost of Goods Sold was $451,000 prior to closing out its Manufacturing Overhead account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true?

▸ Manufacturing overhead was overapplied by $20,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $471,000

▸ Manufacturing overhead was underapplied by $20,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $431,000

▸ Manufacturing overhead was overapplied by $20,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $431,000

▸ Manufacturing overhead was underapplied by $20,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $471,000

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Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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