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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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Posts: 4891
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7 years ago
At the beginning of the year, Springfield Manufacturing had the following account balances:

   Work-in-Process Inventory
2,000   



   Finished Goods Inventory
8,000   



   Manufacturing Overhead
0   



   Cost of Goods Sold
0   



   Sales Revenue
   0



The following additional details are provided for the year:

Direct materials placed in production   $83,000
Direct labor incurred   190,000
Manufacturing overhead incurred   300,000
Manufacturing overhead allocated to production   295,000
Cost of jobs completed and transferred   505,000
Total revenue   753,000
Cost of goods sold   442,300

After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a ________.
A) credit of $447,300
B) debit of $442,300
C) debit of $447,300
D) debit of $437,300
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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#1
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7 years ago
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H3Ko Author
wrote...
#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
wrote...
#3
7 years ago
I'm liking this Slight Smile
wrote...
#4
4 years ago
nice
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