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In: Accounting

The records of Phoenix Corporation revealed the following data for the current year. Work in Process...

The records of Phoenix Corporation revealed the following data for the current year.

Work in Process

$ 73,150

Finished Goods

115,000

Cost of Goods Sold

133,650

Direct Labor

111,600

Direct Material

84,200
  1. Refer to Phoenix Corporation.  Assume, for this question only, actual overhead is $98,700 and applied overhead is $93,250. Manufacturing overhead is:
    1. overapplied by $12,900.
    2. underapplied by $18,350.
    3. overapplied by $5,450
    4. underapplied by $5,450

  1. Refer to Phoenix Corporation. Assume that Phoenix has underapplied overhead of $10,000 and that this amount is immaterial. What is the balance in Cost of Goods Sold after the underapplied overhead is closed?
    1. 133,650
    2. 123,650
    3. 143,650
    4. 137803
  2. Refer to Phoenix Corporation. Assume that Phoenix has overapplied overhead of $25,000 and that this amount is material. What is the balance in Cost of Goods Sold after the overapplied overhead is closed?
    1. 123267
    2. 144033
    3. 158650
    4. 108650

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Expert Solution

ekkarill92 answered 1 year ago
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