Lietz Corporation has provided the following data concerning manufacturing overh

Question

Lietz Corporation has provided the following data concerning manufacturing overhead for January: Actual manufacturing overhead incurred $ 47,500 Manufacturing overhead applied to Work in Process $ 70,000 The company's Cost of Goods Sold was $ 364,000 prior to closing out its Manufacturing Overhead account. The company closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true? Manufacturing overhead was overapplied by $ 22,500; Cost of Goods Sold after closing out the Manufacturing Overhead account is $ 341,500 Manufacturing overhead was underapplied by $ 22,500; Cost of Goods Sold after closing out the Manufacturing Overhead account is $ 386,500 Manufacturing overhead was underapplied by $ 22,500; Cost of Goods Sold after closing out the Manufacturing Overhead account is $ 341,500 Manufacturing overhead was overapplied by $ 22,500; Cost of Goods Sold after closing out the Manufacturing Overhead account is $ 386,500

Explanation / Answer

Manufacturing overhead was overapplied by $ 22,500; Cost of Goods Sold after closing out the Manufacturing Overhead account is $ 341,500

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.