The Sterling Company Applies Manufacturing Overhead What Is the Journal Entry If the Amount Is Considered

question 18

Short Answer

The Sterling Company applies manufacturing overhead. At the end of the year the following data were available: $$\begin{array}{l}\begin{array} { | l | l | } \hline \text { Actual Manufacturing Overhead } & \$ 115,000 \\\hline \text { Estimated Manufacturing Overhead } & \$ 110,000 \\\hline \text { Applied Manufacturing Overhead } & \$ 100,000 \\\hline\end{array}\\\text { The following accounts had the unadjusted balances: }\\\begin{array} { | l | r | } \hline \text { Raw Materials Inventory } & \$ 100,000 \\\hline \text { Work-in-Frocess Inventory } & \$ 100,000 \\\hline \text { Finished Goods Inventory } & \$ 100,000 \\\hline \text { Cost of Goods Sold } & \$ 300,000 \\\hline\end{array}\end{array}$$ What is the journal entry if the amount is considered material? a. $\begin{array}{lc}\text { Work-in-Frocess } & \$ 1,000 \\\text { Finished Goods } & \$ 1,000 \\\text { Cost of Goods Sold } &\$ 3,000\\\text { Manufacturing overhead }&\$5,000\end{array}$

b. $\begin{array}{ll}\text { Work-in-Process } & \$ 3,000 \\\text { Finished Goods } & \$ 3,000 \\\text { Cost of Goods Sold } & \$ 9,000\\\text { Manufacturing overhead }&\$15,000\end{array}$

c. $\begin{array}{ll}\text { Manufacturing overhead }&\$5,000\\\text { Work-in-Process } & \$ 1,000 \\\text { Finished Goods } & \$ 1,000 \\\text { Cost of Goods Sold } & \$ 3,000\end{array}$

d. $\begin{array}{lc}\text { Manufacturing overhead }&\$15,000\\\text { Work-in-Process } & \$ 3,000 \\\text { Finished Goods } & \$ 3,000 \\\text { Cost of Goods Sold } & \$ 9,000\end{array}$

$\text { e. None of these }$

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