If direct labor for the month is $100,000, and overhead is applied based on 75% of direct labor dollars, what is the entry to apply overhead?
A) Debit Work-in-Process Inventory $75,000; credit Payroll Payable $75,000
B) Debit Overhead-Applied $75,000; credit Work-in-Process Inventory $75,000
C) Debit Work-in-Process Inventory $75,000; credit Manufacturing Overhead-Applied $75,000
D) Debit Work-in-Process Inventory $100,000; credit Manufacturing Overhead-Applied $100,000
Answer: C
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The balanced scorecard attempts to solve what major issue associated with traditional accounting reports?
A) Traditional accounting reports focus too narrowly on financial performance. B) Traditional accounting reports are not easily understood by non-accountants. C) Traditional accounting reports are expensive to produce. D) Traditional accounting reports are produced too slowly to provide value.