Manufacturing overhead is overapplied for the year by $3,000. The unadjusted cost of goods sold is...
Manufacturing overhead is overapplied for the year by $3,000. The unadjusted cost of goods sold is $360,000. Closing manufacturing overhead into cost of goods sold will result in which of the following?
A) A credit balance in manufacturing overhead of $6,000.
B) Adjusted cost of goods sold of $360,000.
C) Adjusted cost of goods sold of $357,000.
D) Adjusted cost of goods sold of $363,000.
Homework Answers
Answer: C) Adjusted cost of goods sold of $357,000
Explanation:
Any over-applied (or) under-applied manufacturing overhead transferred to 'Cost of goods sold'. If it is over applied then 'Cost of goods sold' balance is decreased as it is credited to 'Cost of goods sold' account. If it is under applied then 'Cost of goods sold' balance is increased as it is debited to 'Cost of goods sold' account.
A)It's a Debit balance of manufacturing overhead of $3,000. So, option A is incorrect
B)Unadjusted balance of 'cost of goods sold' is decreased by $3,000.So, Adjusted cost of goods sold of $360,000 is incorrect.
C)Unadjusted balance of 'cost of goods sold' is decreased by $3,000. So, Adjusted cost of goods sold of $357,000 is correct.
D)Unadjusted balance of 'cost of goods sold' is decreased by $3,000.So, Adjusted cost of goods sold of $363,000 is incorrect.
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