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The following partially completed T-accounts summarize transactions for Ace Chemicals Co. throughout the year: ...

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Accounting

The following partially completed T-accounts summarize transactions for Ace Chemicals Co. throughout the year:

Raw Materials
Debit Credit
Beginning Balance 5,450 9,900
5,650
Work in Process
Debit Credit
Beginning Balance 4,550 22,650
6,650
8,950
8,750
Finished Goods
Debit Credit
Beginning Balance 2,650 20,850
22,650
Manufacturing Overhead
Debit Credit
3,250 8,750
3,950
3,650
Wages & Salaries Payable
Debit Credit
20,850 Beginning Balance 2,950
12,900
Cost of Goods Sold
Debit Credit
20,850

The manufacturing overhead was:

Options:

  1. $2,100 underapplied
  2. $3,650 underapplied
  3. $2,100 overapplied
  4. $3,650 overapplied

Answer & Explanation Solved by verified expert
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