Answer: D. an understatement of expenses and an overstatement of owners' equity
Explanation:
If a purchase of merchandise was not recorded, it would mean that Purchases being <u>an expense</u> that contributes to the Cost of Goods sold would be understated.
This understatement would mean that the the Net income is overstated because the purchase expenses were never deducted from it. Net Income is part of owners' equity so if it is overstated, so is owners' equity .
Hi there First find Predetermined oH rate Predetermined oH rate is total estimated overhead divided by estimated direct labor
Predetermined oH rate= 450,000÷180,000 =2.5
the amount of overhead to be allocated to finished goods inventory if there is $20,000 of total direct labor cost in the jobs in the finished goods inventory is 2.5×20,000 =50,000. ...answer
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