Held Inc Has Provided the Following Data for the Month of of June

question 188

Multiple Choice

Held Inc. has provided the following data for the month of June. 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 June would include the following:

• A) credit to Work in Process of $21,450
• B) credit to Work in Process of $70
• C) debit to Work in Process of $21,450
• D) dedit to Work in Process of $70

Understand the concepts of a production budget and its implications for material requirement planning.

Grasp the principles of inventory management, including the determination of inventory levels and the calculation of raw material purchases.

Learn how to construct a direct labor budget and calculate direct labor costs based on production requirements.

Comprehend the process for creating a manufacturing overhead budget, including the distinction between variable and fixed costs.

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Definitions:

Records

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Limited Set

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