Faucette Corporation Has Provided the Following Data Concerning Manufacturing Overhead

question 122

Multiple Choice

Faucette Corporation has provided the following data concerning manufacturing overhead for January:
$\begin{array}{lrr} \text { Actual manufacturing overhead incurred } &\$52,000\\ \text { Manufacturing overhead applied to Work-in-Process } &\$75,000\\\end{array}$

The company's Cost of Goods Sold was $369,000 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?

• A) Manufacturing overhead was underapplied by $23,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $392,000.
• B) Manufacturing overhead was underapplied by $23,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $346,000.
• C) Manufacturing overhead was overapplied by $23,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $346,000.
• D) Manufacturing overhead was overapplied by $23,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $392,000.

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