pring21 Midterm Exam One / Midterm Exam One Time left 1:55:01 Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it...

Extracted text: pring21 Midterm Exam One / Midterm Exam One Time left 1:55:01 Which of the following is correct with respect to closing out overapplied manufacturing overhead to Cost of Goods Sold versus closing it out to Work-in-Process Inventory, Finished Goods Inventory, and Cost of Goods Sold? O a. None of given answer is correct. b. The balance in the Work-in-Process account after allocation will be the same under either method. O C. Cost of Goods Sold will be lower if the overapplied overhead is closed out by allocating it to the inventory accounts as well as to Cost of Goods Sold. O d. The balance in the Work-in-Process account after allocation will be higher if the overapplied overhead is closed out by allocating it to all appropriate accounts. O e. Operating income will be higher if all of the overapplied overhead is closed out to Cost of Goods Sold. The total conversion cost for company XYZ was five times the prime cost. The direct labor cost was $40,000 while the direct materials cost was $20,000. How much was the manufacturing overhead cost ($)? a. 280,000 Ob. 260,000 O C. 100,000 O d. 300,000 O e. None of the given answers