Centore Inc. has provided the following data for the month of June. There were no...
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Accounting
Centore Inc. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
Work In Process
Finished Goods
Cost of Goods Sold
Total
Direct materials
$
650
$
7,590
$
24,860
$
33,100
Direct labor
2,180
20,700
67,800
90,680
Manufacturing overhead applied
930
7,130
22,940
31,000
Total
$
3,760
$
35,420
$
115,600
$
154,780
Manufacturing overhead for the month was underapplied 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 June would include the following:
Multiple Choice
debit to Cost of Goods Sold of $2,220
debit to Cost of Goods Sold of $115,600
credit to Cost of Goods Sold of $2,220
credit to Cost of Goods Sold of $115,600
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