Seuell Incorporated Has Provided the Following Data for the Month

question 261

Multiple Choice

Seuell Incorporated has provided the following data for the month of December. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was overapplied by $12,000.The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for December would include the following:

• A) debit to Finished Goods of $56,160
• B) credit to Finished Goods of $56,160
• C) debit to Finished Goods of $2,520
• D) credit to Finished Goods of $2,520

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Definitions:

Late Seventeenth Century

The closing decades of the 17th century, often referring to the period from 1660 to 1700, which was characterized by both turmoil and progress in various world regions.

Poverty

A state where an individual or community lacks the financial resources and essentials for a minimum standard of living.

Economic And Social Conditions

The circumstances affecting the economic activities, welfare, and quality of life of individuals within a society.

Eighteenth Century

The period from January 1, 1701, to December 31, 1800, in the Gregorian calendar, notable for Enlightenment and the early stages of the industrial revolution.