Solved

At the Beginning of the Year, Springfield Manufacturing Had the Following

question 75

Multiple Choice

At the beginning of the year, Springfield Manufacturing had the following account balances: $At the beginning of the year, Springfield Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l |} \hline \text { Direct materials placed in production } & \$ 83,000 \\ \hline \text { Direct labor incurred } & 194,000 \\ \hline \text { Manufacturing overhead incurred } & 303,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 500,000 \\ \hline \text { Total revenue } & 754,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 442,200 \\ \hline \end{array} After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a ________. A) debit of $432,200 B) debit of $452,200 C) credit of $452,200 D) debit of $442,200$ $At the beginning of the year, Springfield Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l |} \hline \text { Direct materials placed in production } & \$ 83,000 \\ \hline \text { Direct labor incurred } & 194,000 \\ \hline \text { Manufacturing overhead incurred } & 303,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 500,000 \\ \hline \text { Total revenue } & 754,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 442,200 \\ \hline \end{array} After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a ________. A) debit of $432,200 B) debit of $452,200 C) credit of $452,200 D) debit of $442,200$ $At the beginning of the year, Springfield Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l |} \hline \text { Direct materials placed in production } & \$ 83,000 \\ \hline \text { Direct labor incurred } & 194,000 \\ \hline \text { Manufacturing overhead incurred } & 303,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 500,000 \\ \hline \text { Total revenue } & 754,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 442,200 \\ \hline \end{array} After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a ________. A) debit of $432,200 B) debit of $452,200 C) credit of $452,200 D) debit of $442,200$ $At the beginning of the year, Springfield Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l |} \hline \text { Direct materials placed in production } & \$ 83,000 \\ \hline \text { Direct labor incurred } & 194,000 \\ \hline \text { Manufacturing overhead incurred } & 303,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 500,000 \\ \hline \text { Total revenue } & 754,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 442,200 \\ \hline \end{array} After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a ________. A) debit of $432,200 B) debit of $452,200 C) credit of $452,200 D) debit of $442,200$ $At the beginning of the year, Springfield Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | l |} \hline \text { Direct materials placed in production } & \$ 83,000 \\ \hline \text { Direct labor incurred } & 194,000 \\ \hline \text { Manufacturing overhead incurred } & 303,000 \\ \hline \text { Manufacturing overhead allocated to production } & 293,000 \\ \hline \text { Cost of jobs completed and transferred } & 500,000 \\ \hline \text { Total revenue } & 754,000 \\ \hline \text { Cost of goods sold (before adjustment) } & 442,200 \\ \hline \end{array} After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a ________. A) debit of $432,200 B) debit of $452,200 C) credit of $452,200 D) debit of $442,200$ The following additional details are provided for the year:
$\begin{array} { | l | l |} \hline \text { Direct materials placed in production } & \$ 83,000 \\\hline \text { Direct labor incurred } & 194,000 \\\hline \text { Manufacturing overhead incurred } & 303,000 \\\hline \text { Manufacturing overhead allocated to production } & 293,000 \\\hline \text { Cost of jobs completed and transferred } & 500,000 \\\hline \text { Total revenue } & 754,000 \\\hline \text { Cost of goods sold (before adjustment) } & 442,200 \\\hline\end{array}$ After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a ________.

Definitions:

Wealth Inequality

The unequal distribution of assets among a population.

Income Quintile

A statistical measure dividing the population into five equal groups based on income levels, to analyze economic inequality.

Gini Ratio

A measure of the income distribution within a population, indicating inequality where 0 represents perfect equality and 1 represents perfect inequality.

Income Inequality

The uneven distribution of income within a population, leading to disparities in wealth and living standards.