Midtown,Inc

question 55

Multiple Choice

Midtown,Inc.uses a predetermined overhead allocation rate of $67 per direct labor hour.In January,the company completed Job A23 which utilized 18 direct labor hours.Which of the following correctly describes the journal entry to allocate overhead to the job?

• A) debit Finished Goods Inventory $1206 and credit Manufacturing Overhead $1206
• B) debit Manufacturing Overhead $67 and credit Work-in-Process Inventory $67
• C) debit Work-in-Process Inventory $1206 and credit Manufacturing Overhead $1206
• D) debit Cost of Goods Sold $67 and credit Finished Goods Inventory $67

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Definitions:

Planning Progress Report

A document outlining the current status and future steps of a project or task, focusing on what has been accomplished and what remains to be done.

Task Progress Report

A document or update that summarizes the current status, achievements, and future plans for a specific task, often used in project management.

Chronological Progress Report

A type of report that outlines the sequence of activities or events over time to track progress on a project or activity.

Third Person

A narrative perspective where the narrator refers to characters by their names or as "he," "she," or "they."