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For the month of October, Janus Corporation used $30,000 worth of direct materials in production and incurred direct labor costs of $60,000. Actual manufacturing overhead costs were $40,000, whereas $45,000 was the manufacturing overhead applied to work in process. What is the amount of total manufacturing costs that would appear in the Schedule of Cost of Goods Manufactured for October?
$90,000
$130,000
$135,000
$175,000
The following information is available for the current year ending December 31:
Manufacturing overhead applied $ 150,000
Actual amount of manufacturing overhead costs 120,000
What is the balance of the Manufacturing Overhead account and is overhead underapplied or overapplied at the end of the year?
Credit of $30,000,overapplied.
Credit of $30,000, underapplied.
Debit of $30,000, overapplied.
Debit of $30,000, underapplied.
The following information is available for the current year ending December 31:
Manufacturing overhead applied $ 150,000
Actual amount of manufacturing overhead costs 120,000
Amount of overhead applied during the year that is in:
Work in Process $ 37,500 25 %
Finished Goods 52,500 35 %
Cost of Goods Sold 60,000 40 %
Total overhead applied $ 150,000 100 %
If the Manufacturing Overhead account is closed to Cost of Goods Sold, the related entry will ________.
decrease the cost of goods sold by $30,000
increase the cost of goods sold by $30,000
decrease the cost of goods sold by $150,000
increase the cost of goods sold by $150,000
The following information is available for the current year ending December 31:
Manufacturing overhead applied $ 150,000
Actual amount of manufacturing overhead costs 120,000
Amount of overhead applied during the year that is in:
Work in Process $ 37,500 25 %
Finished Goods 52,500 35 %
Cost of Goods Sold 60,000 40 %
Total overhead applied $ 150,000 100 %
If the Manufacturing Overhead account is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold, the related entry will include a ________.
debit to Cost of Goods Sold for $12,000
credit to Cost of Goods Sold for $12,000
credit to Cost of Goods Sold for $30,000
debit to Work in Process for $7,500