Lietz Corporation Has Provided the Following Data Concerning Manufacturing Overhead

question 108

Multiple Choice

Lietz Corporation has provided the following data concerning manufacturing overhead for January: The company's Cost of Goods Sold was $369,000 prior to closing out its Manufacturing Overhead account.The company closes out its Manufacturing Overhead account to Cost of Goods Sold.Which of the following statements is true?

• A)Manufacturing overhead was underapplied by $23,000;Cost of Goods Sold after closing out the Manufacturing Overhead account is $392,000
• B)Manufacturing overhead was underapplied by $23,000;Cost of Goods Sold after closing out the Manufacturing Overhead account is $346,000
• C)Manufacturing overhead was overapplied by $23,000;Cost of Goods Sold after closing out the Manufacturing Overhead account is $346,000
• D)Manufacturing overhead was overapplied by $23,000;Cost of Goods Sold after closing out the Manufacturing Overhead account is $392,000

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