Question

In a process cost system, the application of manufacturing overhead usually would be recorded as a...

In a process cost system, the application of manufacturing overhead usually would be recorded as a debit to: Select one: a. Finished goods. b. Manufacturing overhead. c. Cost of goods sold. d. Work in process.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer: Option b) Manufacturing overhead

Explanation:

In a process cost system, the application of manufacturing overhead usually would be recorded as a debit side of Manufacturing overhead.

In a process cost actual overhead incurred in a manufacturing process so debited to the manufacturing overhead.

There is also applied overhead incurred it would be debited to work-in-process inventory and credited to Manufacturing overhead.

Thus, option b) is correct and remaining options are incorrect.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
When manufacturing overhead costs are assigned to production in a process cost system, they are credited...
When manufacturing overhead costs are assigned to production in a process cost system, they are credited to Select one: a. a Manufacturing Overhead account. b. none of these types of accounts. c. a Work in Process account. d. a Finished Goods Inventory account. e. Cost of Goods Sold.
9) Entry (11) in the below T-account could represent overhead cost applied to Work in Process....
9) Entry (11) in the below T-account could represent overhead cost applied to Work in Process. Work In Process Bal. 40,000 (11) 330,000 (2) 100,000 (3) 90,000 (7) 120,000 Bal. 20,000 10) Entry (1) in the below T-account represents the purchase rather than use of raw materials. Raw Materials Bal. 10,000 (2) 60,000 (1) 70,000 Bal. 20,000 11) In a job-order costing system, indirect labor cost is usually recorded as a debit to: A) Manufacturing Overhead. B) Finished Goods. C)...
The entry to dispose of overapplied manufacturing overhead will include a: a. Debit to cost of...
The entry to dispose of overapplied manufacturing overhead will include a: a. Debit to cost of goods sold and a credit to manufacturing overhead. b. Debit to cost of goods sold and a credit to finished goods. c. Debit to manufacturing overhead and a credit to cost of goods sold. d. Debit to finished goods and a credit to manufacturing overhead.
11. Direct Materials cost is debited to:    a. Raw Materials Inventory    b. Manufacturing Overhead     c. Cost...
11. Direct Materials cost is debited to:    a. Raw Materials Inventory    b. Manufacturing Overhead     c. Cost of Goods Sold     d. Direct Materials    e. Work in Process ____12. Beginning Finished Goods Inventory + X – Ending Finished Goods Inventory = Cost of Goods Sold.   What is X?    a. Direct Materials    b. Manufacturing Overhead   c. Cost of Goods Manufactured    d. Beginning Work in Process Inventory ____13. One way to calculate the Predetermined Overhead Rate is: a. estimated MO divided by estimated Direct...
Terms: overhead application rate manufacturing overhead cost of goods sold cost of finished goods manufactured cost...
Terms: overhead application rate manufacturing overhead cost of goods sold cost of finished goods manufactured cost accounting managerial accounting work in process inventory period costs product costs Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term, described, or answer "None" if the statement does not correctly describe any of the items. a.) a manufacturing cost that can be traced conveniently and directly into manufactured units of product....
Swift Manufacturing Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours...
Swift Manufacturing Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The overhead allocation rate used during the year was $100 per machine hour. At the end of the year the company had an over-allocated overhead cost totaling $500,000. Machine-hour data and the ending balances (before proration of under- or over-allocated overhead) are as follows: Actual End-of-Year Machine Hours Balance Cost of Goods Sold 80,000 $8,000,000 Finished Goods Inventory Control 15,000...
The Zef Radiator Company uses a​ normal-costing system with a single manufacturing overhead cost pool and​...
The Zef Radiator Company uses a​ normal-costing system with a single manufacturing overhead cost pool and​ machine-hours as the​ cost-allocation base. The following data are for 2017​: Budgeted Manufacturing Overhead Costs $ 4,875,000 Overhead Allocation Base machine-hours Budgeted machine-hours 75,000 Manufacturing Overhead Costs Incurred $ 5,125,000 Actual machine-hours 80,000 Machine-hours data and the ending balances​ (before proration of​ under- or overallocated​ overhead) are as​ follows: Actual Machine-Hours 2017 End-of-Year Balance Cost of Goods Sold 60,000 $ 8,500,000 Finished Goods Control...
Hornsby has a single production department, and uses a process-costing system. The balance in its Work-in-Process...
Hornsby has a single production department, and uses a process-costing system. The balance in its Work-in-Process account on January 1 was $68,000. The account was charged with direct materials, direct labor, and manufacturing overhead of $450,000 throughout the year. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hornsby should make a journal entry on December 31 that includes: A) a credit to Work-in-Process Inventory for $86,000. B) a debit to...
1.If manufacturing overhead has been under-applied, which of the following is true: Select one: a. Revenue...
1.If manufacturing overhead has been under-applied, which of the following is true: Select one: a. Revenue is understated b. Gross Profit is understated c. Cost of Goods Sold is overstated d. Gross Profit is overstated 2. Costs of manufactured inventory items are transferred from Work-In-Process to Finished Goods Inventory when: Select one: a. Goods have been sold b. Manufacturing overhead is applied c. Direct materials are requisitioned d. Goods are ready to be sold 3. The payment of a plant...
The Cherokee Company uses a predetermined overhead rate. The following accounts have these unadjusted balances: Raw...
The Cherokee Company uses a predetermined overhead rate. The following accounts have these unadjusted balances: Raw Materials $20,000 Work in Process $40,000 Finished Goods $10,000 Cost of Goods Sold $50,000 If Manufacturing overhead was $12,000 underapplied and considered material, what is the journal entry? a. Manufacturing Overhead$12,000 Work in Process$4,800 Finished Goods$1,200 Cost of Goods Sold$6,000 b. Work in Process$4,800 Finished Goods$1,200 Cost of Goods Sold$6,000 Manufacturing Overhead$12,000 c. Manufacturing Overhead$12,000 Raw Materials$2,000 Work in Process$4,000 Finished Goods$1,000 Cost of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT