-Which Entry Records the Application of Overhead?
A) 1

question 107

Multiple Choice

$\begin{array}{|l|l|l|}\hline \text { 1. Work in process } & \mathrm{XXX} & \\\hline \text { Manufacturing overhead } & \mathrm{XXX} & \\\hline \text { Wages payable } & & \mathrm{XXX} \\\hline \text { 2. Salary expense } & \mathrm{XXX} & \\\hline \text { Wages payable } & & \text { XXX } \\\hline \text { 3. Manufacturing overhead } & \mathrm{XXX} & \\\hline \text { Accumulated amortization } & & \mathrm{XXX} \\\hline \text { 4. Work in process } & \mathrm{XXX} & \\\hline \text { Raw materials } & & \mathrm{XXX} \\\hline \text { 5. Work in process } & \mathrm{XXX} & \\\hline \text { Manufacturing overhead } & & \mathrm{XXX} \\\hline \text { 6. Manufacturing overhead } & \mathrm{XXX} & \\\hline \text { Raw materials } & & \mathrm{XXX} \\\hline \text { 7. Finished goods } & \mathrm{XXX} & \\\hline \text { Work in process } & & \mathrm{XXX} \\\hline \text { 8. Raw materials } & \mathrm{XXX} & \\\hline \text { Accounts payable } & & \mathrm{XXX} \\\hline\end{array}$
-Which entry records the application of overhead?

• A) 1.
• B) 5.
• C) 6.
• D) 3.

Understand the classification and reporting of inventory costs in manufacturing businesses.

Identify characteristics of useful managerial accounting reports.

Understand how managerial accounting supports decision-making within organizations.

Recognize the role of costs in managerial decision-making.

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Definitions:

Statutory Close Corporation Supplement

A legal provision that allows a closely held corporation to operate with fewer formalities and more flexibility than is typical under corporate law.

MBCA

Model Business Corporation Act, a model set of laws prepared by the Committee on Corporate Laws of the American Bar Association to guide states in the preparation of their corporate statutes.

Close Corporation

A type of business entity with a limited number of shareholders and restricted stock trading, often operated by family members or close associates.

Motion to Dismiss

A formal request to a court to dismiss a case on the grounds that it lacks basis for a lawsuit or is improperly filed.