Lenci Inc Has Provided the Following Data for the Month of of May

question 145

Multiple Choice

Lenci Inc. has provided the following data for the month of May. 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 $3,000.
The company 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 overhead applied during the month in those accounts.

-The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for May would include the following:

• A)debit to Cost of Goods Sold of $340,580
• B)credit to Cost of Goods Sold of $2,580
• C)credit to Cost of Goods Sold of $340,580
• D)debit to Cost of Goods Sold of $2,580

Comprehend the role of research and analysis in new product development.

Identify factors influencing new product success or failure.

Recognize the importance of targeting and positioning in the product launch phase.

Understand the significance of design and innovation in product development.

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Definitions:

U.S. Coal

Coal mined in the United States, a key natural resource used for electricity generation and manufacturing processes.

Distribution System

The network used to distribute goods or power from a source to end users.