QUESTION 22 The entry to record cost of selling a particular job in a job-order

Question

QUESTION 22 The entry to record cost of selling a particular job in a job-order costing system would include a Debit to finished goods inventory and a credit to cost of goods sold. b. Debit to cost of goods sold and a credit to finished goods inventory. O C. Debit to cost of goods sold and a credit to work in process Inventory O d. Credit to work in process and a debit to finished goods Inventory. QUESTION 23 The entry to dispose of overapplied manufacturing overhead will include a: a. Debit to cost of goods sold and a credit to manufacturing overhead. O c. Debit to manufacturing overhead and a credit to cost of goods sold. O b. Debit to cost of goods sold and a credit to finished goods. d. Debit to finished goods and a credit to manufacturing overhead.

Explanation / Answer

Question 22

Option c

In job costing-manufacturing process is done on someone's behalf. Thus all the cost incurred would be debited to the cost if goods sold to increase the value of the goods sold and the reciprocal credit would be to the work in progress as the goods are not yet completed.

Question 23

Option C

Since the manufacturing overheads are overapplied which would reduce the manufacturing overheads thus a debit to overhead account and the reciprocal credit entry to reduce the cost of goods sold account.

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