Poseidon SE uses a normal costing system with a single manufacturing overhead cost pool and...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Poseidon SE uses a normal costing system with a single manufacturing overhead cost pool and machine-hours as the allocation base. The following data are for 2020:
Budgeted manufacturing overhead rate: 55
Overhead allocation base: Machine hours
Manufacturing overhead incurred: 5,000,000
Actual machine-hours: 80,000
Machine-hours data and the closing balances (before end-of-period adjustments) are as follows:
|
| Actual machine-hours | 2020 end of year balance () |
| Cost of Goods Sold | 50,000 | 9,000,000 |
| Finished Goods | 35,000 | 2,250,000 |
| Work in Progress | 8,000 | 250,000 |
What is the ending balance for the Cost of Goods Sold account using the Write-off approach?
a.
9,000,000
b.
0
c.
9,600,000
d.
8,400,000
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.