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5%[5). Wed 4:56 PM Jona story Bookmarks People Window Help Take Test \'x(D cost Accoux Advanced ! DMV: Licen × Purple Brie × 1 FLA! ×Fw.w.Nomxve isp assessment.id 10871 1&course; id 1470618content id- v Question Completion Status: 1.00000 points QUESTION5 Phoenix Corporation The records of Phoenix Corporation revealed the following data for the current year Work in Process Finished Goods Cost of Goods Sold Direct Labor Direct Material s 73,150 115,000 133, 650 111,600 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.) O Debit Work in Process $8,456, Finished Goods $13294, cost of Goods Sold $15,450 and credit Overhead $37,200 O Debit Overhead $37,200 and credit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 O Debit Work in Process S37.200 and credit Overhead $37,200 O Debit Cost of Goods Sold $37,200 and credit Overhead $37,200 QUESTION 6 1.00000 poi Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers MacBook Pro

Solution

ANSWER = A) Debit Work In Progress $8,456; Finished Goods $13,294; COGS $15,450 and credit Overhead $37,200

Account title	Debit	Credit
Work in progress	8456
Finished goods	13294
Cost of Gods sold	15450
OVerhead		37200