Michelle's Has the Following Transactions for the Month of October $\begin{array}{lr}\text { Materials } & \$ 17,890 \\\text { Work in process } & 0 \\\text { Finished goods } & 8,321\end{array}$

question 159

Multiple Choice

Michelle's has the following transactions for the month of October:
1.Purchased materials on account for $111,482.
2.Materials requisitioned for $82,383.
3.Direct labour of $51,000 was incurred (but not yet paid) .
4.Actual overhead for the month was $33,000. It has not been paid yet (charge to various payables) .
5.Overhead is applied to production at the rate of 70% of direct labour.
6.Jobs totalling $56,000 were transferred from work in process to finished goods.
7.Jobs costing $41,000 were sold.Balances at the beginning of the month were:
$\begin{array}{lr}\text { Materials } & \$ 17,890 \\\text { Work in process } & 0 \\\text { Finished goods } & 8,321\end{array}$
-Refer to the Figure.What is the journal entry to record actual overhead for the month?

• A)Overhead Control 33,000Various Payables 33,000
• B)Work in Process 33,000Various Payables 33,000
• C)Various Payables 33,000Work in Process 33,000
• D)Various Payable 33,000Overhead Control 33,000

Analyze and report profits or losses from discontinued operations, including tax effects.

Calculate and report revenue from redeemable instruments like gift certificates.

Execute and understand the purpose of closing entries in preparing financial statements.

Convert cash basis accounting records to accrual basis.

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Definitions:

Break-Even

The point at which total costs and total revenue are equal, leading to no net loss or gain for a business.

Effect Size

A quantitative measure of the strength of a phenomenon or the magnitude of a difference between groups in research.

Utility Variables

Factors or elements that can influence the usefulness or effectiveness of a process, product, or decision.

Effect Size

A measure used in statistics to quantify the magnitude of a phenomenon or the difference between two groups.