Stockman Inc

question 192

Multiple Choice

Stockman Inc. 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:

Hypotonic

Describes a solution with a lower concentration of solutes compared to another solution, leading to cell swelling if the cell is placed in such a solution.

Isotonic

A solution that has the same salt concentration as the normal cells and blood of an organism, resulting in no net movement of water across the cell membrane.

Protein

Large biomolecules or macromolecules consisting of one or more long chains of amino acid residues, crucial for structure, function, and regulation of the body's tissues and organs.

Receptor-Mediated Endocytosis

Selective uptake of molecules into a cell by vacuole formation after they bind to specific receptor proteins in the plasma membrane.