Longstaff Inc

question 102

Multiple Choice

Longstaff Inc.has provided the following data for the month of March.There were no beginning inventories;consequently,the direct materials,direct labor,and manufacturing overhead applied listed below are all for the current month. Manufacturing overhead for the month was overapplied by $5,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process,finished goods,and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.
The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for March would include the following:

• A)debit to Work in Process of $13,650
• B)debit to Work in Process of $500
• C)credit to Work in Process of $13,650
• D)credit to Work in Process of $500

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Definitions:

Variation

The occurrence of differences within and among living organisms, resulting from genetic diversity or environmental factors.

Means

An average or central value derived from a set of numbers by adding them together and dividing by the number of values in the set.

Standard Deviation

A measure that quantifies the amount of variation or dispersion of a set of data values.

Normal Distribution

A statistical distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.