Zelinsky Inc

question 92

Multiple Choice

Zelinsky Inc. has provided the following data for the month of April. 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 underapplied by $2,000. 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 April would include the following:

• A)credit to Cost of Goods Sold of $1,440
• B)credit to Cost of Goods Sold of $108,560
• C)debit to Cost of Goods Sold of $1,440
• D)debit to Cost of Goods Sold of $108,560

Understand the jurisdictional nuances of consumer protection and sales law.

Understand the relationship between price changes and movements along the supply and demand curves.

Identify the effects of changes in non-price factors (e.g., income, price of related goods, number of sellers) on supply and demand curves.

Define and recognize market equilibrium and its changes due to shifts in supply and demand.

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Definitions:

Itinerant Sellers

Sellers who do not have a fixed place of business and travel from place to place to sell their goods or services.

Repudiated

Referring to the rejection or denial of a claim, agreement, or duty typically in a legal context.

Offer Accepted

The confirmation by one party to agree to the terms of an offer made by another party, leading to a contract.

Common Law

A legal system based on court decisions and customs, as opposed to statutory laws passed by legislatures.