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Home Q & A Board Other Fields Homework Help Business Accounting
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bernie2981 bernie2981
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8 years ago
Here is selected data for Lori Corporation:

Cost of raw material purchased   $77,000
Cost of requisitioned direct materials    43,000
Cost of requisitioned indirect materials   3,000
Direct labor   80,000
Manufacturing overhead incurred    100,000
Cost of goods completed    233,500
Cost of goods sold   142,000
Beginning raw materials inventory    17,000
Beginning work in process inventory   32,000
Beginning finished goods inventory   35,000
Manufacturing overhead allocation rate (based on direct labor)    130%

The journal entry to close manufacturing overhead would include a
A) debit to Cost of Goods Sold for $4,000.
B) credit to Manufacturing Overhead account for $4,000.
C) debit to Manufacturing Overhead account for $4,000.

D) debit to Work-in-Process Inventory account for $4,000.
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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nucleinuclei
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8 years ago
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bernie2981 Author
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8 years ago
You're such a dedicated member, I very much appreciate the help.

Marking this solved ✓
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