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:
- $2,100 underapplied
- $3,650 underapplied
- $2,100 overapplied
- $3,650 overapplied
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