Use the Information Below to Answer the Following Question(s)

question 24

Multiple Choice

Use the information below to answer the following question(s) .
Here is selected data for Lorelei Corporation:

-At Lorelei Corporation the journal entry to close manufacturing overhead would include a

• A) debit to Manufacturing Overhead for $1,450.
• B) debit to Work in Process Inventory for $1,250.
• C) credit to Cost of Goods Sold for $1,250.
• D) debit to Cost of Goods Sold for $1,250.

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Definitions:

Overtime Rules

Regulations that govern how employees are to be compensated for work performed beyond their standard working hours.

Exempt Employees

Workers who are excluded from the minimum wage and overtime pay requirements of the Fair Labor Standards Act, typically due to their job duties and salary level.

Consolidated Omnibus Budget Reconciliation Act

A U.S. federal law that provides for the continuation of group health coverage that otherwise might be terminated.

Medical Benefits

Health-related services and support covered by health insurance plans or provided through government programs.