Multiple Choice
Phoenix Corporation
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 |
Refer to Phoenix Corporation.Assume that Phoenix has underapplied overhead of $37,200 and that this amount is material.What journal entry is needed to close the overhead account? (Round decimals to nearest whole percent. )
A) Debit Work in Process $8,456;Finished Goods $13,294;Cost of Goods Sold $15,450 and credit Overhead $37,200
B) Debit Overhead $37,200 and credit Work in Process $8,456;Finished Goods $13,294;Cost of Goods Sold $15,450
C) Debit Work in Process $37,200 and credit Overhead $37,200
D) Debit Cost of Goods Sold $37,200 and credit Overhead $37,200
Correct Answer:
Verified
Correct Answer:
Verified
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