Stockman Incorporated Has Provided the Following Data for the Month

question 111

Multiple Choice

Stockman Incorporated has provided the following data for the month of November. 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 $1,000.The company 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 overhead applied during the month in those accounts.The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for November would include the following:

• A) credit to Finished Goods of $250
• B) credit to Finished Goods of $57,370
• C) debit to Finished Goods of $250
• D) debit to Finished Goods of $57,370

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Definitions:

Financial Situation

The status of the financial health of an individual, business, or organization, including assets, liabilities, and cash flow.

Attitude Of Management

the perspective, approach, and mindset of an organization's leadership towards employees, business practices, and organizational goals.

Negotiation Deadlock

A situation where parties involved in negotiations are unable to reach an agreement, often due to unresolved issues or conflicting demands.

Primary Boycott

The act of refraining from purchasing the products or services of a company to protest its actions or policies, usually at the initiative of labor unions.