Assume There Is $2,000 of Overapplied Fixed Overhead, Which Is

question 139

Multiple Choice

Assume there is $2,000 of overapplied fixed overhead, which is to be prorated. Current balances of selected accounts are: Work in process $15,000
Finished goods 25,000
Cost of goods sold 60,000
The adjusting journal entry is:

• A)Overapplied fixed overhead 2,000 Work in process 300
• Finished goods 500
• Cost of goods sold 1,200
• B)Work in process 300 Finished goods 500
• Cost of goods sold 1,200
• Overapplied fixed overhead 2,000
• C)Fixed overhead control 2,000 Work in process 300
• Finished goods 500
• Cost of goods sold 1,200
• D)Work in process 300 Finished goods 500
• Cost of goods sold 1,200
• Fixed overhead allocated 2,000

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Definitions:

Valences

In psychology, refers to the intrinsic attractiveness or averseness of an event, object, or situation.

Technical Orientation

The focus on or preference for dealing with technical aspects of a job, project, or field of study.

Praised

Recognition or expression of approval for someone's work or achievements.

Recognition

Acknowledgment or appreciation of an individual's achievements or contributions, often used as a motivational tool in organizational settings.