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The Cherokee Company uses a predetermined overhead rate. The following accounts have these unadjusted balances: Raw Materials $20,000 Work in Process $40,000 Finished Goods $10,000 Cost of Goods Sold $50,000 If overhead is underapplied by $12,000 and considered immaterial, the journal entry would be
a. Manufacturing Overhead$12,000 Cost of Goods Sold$12,000
b. Manufacturing Overhead$12,000 Raw Materials$2,000 Work in Process$4,000 Finished Goods$1,000 Cost of Goods Sold$5,000
c. Raw Materials$2,000 Work in Process$4,000 Finished Goods$1,000 Cost of Goods Sold$5,000 Manufacturing Overhead$12,000
d. Manufacturing Overhead$12,000 Work in Process$4,800 Finished Goods$1,200 Cost of Goods Sold$6,000
e. Cost of Goods Sold$12,000 Manufacturing Overhead$12,000

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Answer

option b.

The answer and procedures of the exercise are attached in a microsoft excel document.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

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