Raw Materials is a(n) [ASSET / INVENTORY] account.The journal entry to record the more accurate allocation of overapplied or underapplied overhead includes entriesto ______.The more accurate method of closing out the balance in Manufacturing overhead is ______.allocating it among Work in process, Finished goods, and Cost of goodssold Show True or false: Period costs flow from Finished Goods to Cost of Goods Sold.Underapplied or overapplied manufacturing overhead can be disposed of by closing it to ______.What methods can be used to dispose of underapplied or overapplied manufacturing overhead?What side of the Manufacturing overhead account is actual manufacturing overhead entered on?What side of the Manufacturing overhead account is applied manufacturing overhead entered on?When a job is completed, the job costs are transferred OUT OF ______.When labor costs are incurred, _________ labor costs are added directly to the Work in Process account.When only a portion of the units involved in a job are sold, the ______.Which of the statements regarding closing out over or underapplied overhead is correct?WORK IN PROCESS CONSISTS of ____.Actual Direct Labor, Actual Direct Material, Applied MOHTrue or false: Job B was not completed by April 30. If an April balance sheet is prepared, the costs accumulated forJob B will NOT appear on it.True or false: The transfer of costs from one inventory account to the next parallels the physical transfer of goodsfrom one inventory to the next.True or false: Underapplied or overapplied overhead occurs because overhead is applied to jobs using apredetermined rate based on estimates of costs and activity levels.Cost of goods sold or allocating it to Work in process, Finished goods,and Cost of goods sold Job #4260 consisted of 1,000 units at a total cost of $200,000. The cost transferred to Cost of GoodsUNITS1000TOTAL COST$200,000XFERRED UNITS60060%COGS$120,000If a company incurs $2,000 of factory rent, $1,000 of factory utilities, and $5,000 of miscellaneous facFACTORY RENT$2,000FACTORY UTIL$1,000MISC FACTORY COSTS$5,000MOH (DEBITED)$8,000ACCT PAYABLE (CREDIT)$8,000DebitAssetIncreaseLiabilityDecreaseIncome/RevenueDecreaseExpense/Cost/DividendIncreaseEquity/CapitalDecreaseActual MOH$50,000Applied MOH$45,000WIP10%Finished Goods40%COGS50%MANUFACTURING$490,752$81,762WORK IN PROCES$9,040$305,500$91,500$408,960$53,000FINISHED GOODSKind of accountActual manufacturing overhead was $50,000, while overhead applied to jobs was $45,000. Work in poverhead using the allocation method ______. $37,000$762,000$133,000COST OF GOODS$666,000MANUFACTURING OVERHEAD$81,792WORK IN PROCESS$25,440FINISHED GOODS$63,840COST OF GOOD SOLD$319,680TOTAL COST$408,960SCHEDULE OF COST OF GOODS MANUFACTUREDBEG BAL WIP INVDIRECT MATERIALS:BB RAW MAT INV$50,000ADD: PURCHASED RAW MAT$261,000TOTAL RAW MATERIALS AVAILABLE$311,000LESS: EB RAW MAT INV$31,000 Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 36 pages? Upload your study docs or become a Course Hero member to access this document What account is credited when manufacturing overhead is applied?The overhead account is debited for the actual overhead costs as incurred. The overhead account is credited for the overhead costs applied to production in the work-in-process account.
Which account is credited when manufacturing overhead is applied quizlet?The Manufacturing Overhead account is credited when overhead cost is applied to Work in Process. Generally, the amount of overhead applied will not be the same as the amount of actual cost incurred, since the predetermined overhead rate, which is used in applying overhead, is based on estimates.
When manufacturing overhead has a debit balance?A debit balance in manufacturing overhead shows either that not enough overhead was applied to the individual jobs or overhead was underapplied. If, at the end of the term, there is a credit balance in manufacturing overhead, more overhead was applied to jobs than was actually incurred.
Is manufacturing overhead an expense account?To recap, the Factory Overhead account is not a typical account. It does not represent an asset, liability, expense, or any other element of financial statements. Instead, it is a “suspense” or “clearing” account. Amounts go into the account and are then transferred out to other accounts.
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What side of the manufacturing overhead account is actual manufacturing overhead entered on?
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