Fils IncHas Provided the Following Data for the Month of March

question 171

Multiple Choice

Fils Inc.has provided the following data for the month of March.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 underapplied by $4,000.
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 March would include the following:

• A) debit to Cost of Goods Sold of $3,080
• B) debit to Cost of Goods Sold of $149,410
• C) credit to Cost of Goods Sold of $3,080
• D) credit to Cost of Goods Sold of $149,410

Analyze the impact of digital communication technologies on personal and professional life.

Recognize the role of electromagnetic waves in data transmission.

Evaluate the benefits and downsides of smartphone usage in daily life.

Understand the requirement and flexibility of mobile service contracts.

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Definitions:

Directors' Power

The authority granted to the board of directors of a company to make decisions on behalf of the company within the scope of their roles.

Tender Offer

A financial term referring to a public bid by a person or company proposing to buy shares from shareholders of a public company at a specified price within a certain time.

Full Market Value

The highest price a willing buyer would pay and a willing seller would accept for an asset in an open and competitive market.

Assumed Liabilities

Obligations that a company takes on when it purchases another company or its assets.