Included in the Vanes Company’s Cost of Goods Sold t-account is a credit for $25,000. This...
Included in the Vanes Company’s Cost of Goods Sold t-account is a credit for $25,000. This $25,000 represents which of the following:
| a. |
an adjustment to cost of goods sold for manufacturing overhead over-applied during the period. |
|
| b. |
the cost of finished goods sold to a customer. |
|
| c. |
the cost of goods completed and transferred in from work in process. |
|
| d. |
an adjustment to cost of goods sold for manufacturing overhead under-applied during the period. |
Homework Answers
Option (a) is correct
When there is a credit entry in cost of goods sold account for $25000, then that credit entry represents an adjustment to cost of goods sold for manufacturing overhead over-applied during the period. The journal entry involved in this process is:
Debit Manufacturing overhead $25000
Credit Cost of goods sold $25000
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Included in the Vanes Company’s Cost of Goods Sold t-account is
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