The Actual Manufacturing Overhead Incurred at Gutekunst Corporation During March

question 89

Multiple Choice

The actual manufacturing overhead incurred at Gutekunst Corporation during March was $53,000, while the manufacturing overhead applied to Work in Process was $73,000. The Corporation's Cost of Goods Sold was $451,000 prior to closing out its Manufacturing Overhead account. The Corporation closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true?

• A) Manufacturing overhead was overapplied by $20,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $471,000
• B) Manufacturing overhead was underapplied by $20,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $431,000
• C) Manufacturing overhead was overapplied by $20,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $431,000
• D) Manufacturing overhead was underapplied by $20,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $471,000

Understand the concept of Maslow's hierarchy of needs and its importance in human motivation.

Identify Abraham Maslow's position and contributions in the field of psychology, specifically humanistic psychology.

Recognize the factors that influenced Maslow's development and ideas, including his personal history and academic influences.

Describe the characteristics and needs of self-actualizing individuals according to Maslow.

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Definitions:

Inventory Method

An inventory method is an accounting approach used to value and manage a company's stock of goods.

Lower Cost

A strategy or situation where expenses are reduced, often achieved through efficient operations, bulk purchasing, or other methods to decrease the cost base.

FIFO Inventory

An inventory valuation method that assumes the first items placed in inventory are the first sold, prioritizing older stock for cost of goods sold.

Net Realizable Value

The estimated selling price of goods minus the estimated costs of completion and the costs necessary to make the sale.