Explanation:
Strategic planning is important to an organization because it provides a sense of direction and outlines measurable goals. Strategic planning is a tool that is useful for guiding day-to-day decisions and also for evaluating progress and changing approaches when moving forward.
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Answer: D. Manufacturing overhead was underapplied by $10,000; Cost of Goods Sold after closing out the Manufacturing Overhead account is $253,000
Explanation:
The Manufacturing overhead applied is less than the actual manufacturing overhead incurred by:
= 79,000 - 69,000
= $10,000
Manufacturing overhead is therefore underapplied as the amount applied is too low to cover the amount incurred.
The Cost of Goods sold after closing out is:
= Cost of goods sold before closing out + Underapplied manufacturing overhead
= 243,000 + 10,000
= $253,000
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