please answer and explain QUESTION 5 Marshall Enterprises charged the following
ID: 2558302 • Letter: P
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please answer and explain
QUESTION 5 Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end? Debit Factory Overhead $5,000; credit Finished Goods Inventory $5,000 Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000. Debit Factory Overhead $5,000; credit Work in Process Inventory $5,000 O Debit Cost of Goods Sold $5,000; credit Factory Overhead $5,000. No entry is needed QUESTION Asteroid Industries accumulated the following cost information for the year: Direct materials Indirect materials Indirect labor Factory depreciation Direct labor $16,000 4,000 8,500 12,800 37,000 Using the above information, total factory overhead costs would be $16,800 $78,300 O $53,000 $12,800 O $25,300Explanation / Answer
Question 5
Answer is - "Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000"
Question 6
The Answer is - $ 25,300
Total Factory Overhead = Indirect Material + Indirect Labour + Factory Depreciation
= $ 4000 + $ 8500 + $ 12800
= $ 25,300
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