Accounts Payable 100,000 7) Eve, Corp. applied $75,000 of overhead to its produc

Question

Accounts Payable 100,000 7) Eve, Corp. applied $75,000 of overhead to its production. The journal entry made is... 75,000 75,000 75,000 75,000 A. Factory Overhead Applied WIP -Inventory WIP - Inventory Factory Overhead Applied Factory Overhead Control 75,000 75,000 75,000 75,000 B. Factory Overhead Control C. WIP - Inventory D. WIP - Inventory 8) The difference between traditional costing and activity-based costing (ABC) can be defined as.. A. Traditional costing is used for homogenous production and ABC is used for custom jobs. B. Traditional costing is used in automated processes and ABC is used in labor-intensive C. Traditional costing assigns overhead based on nonfinancial variables and ABC uses financial D. Traditional costing used one uniform cost driver and ABC assigns costs based on various industries. variables activities involved.

Explanation / Answer

7) Journal entry for factory overhead applied :

so answer is c)

Date accounts & explanation debit credit WIP-Inventory 75000      Factory overhead applied 75000 (To record factory overhead applied

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