Reference no: EM132599755

Question 1: Each account in the work in process subsidiary ledger in a job order costing system is called a job cost sheet.

True

False

At the end of the period, Carson Company had the following balances in selected accounts:

Materials $ 80,000

Finished goods 190,000

Work in process 70,000

Cost of goods sold 1,000,000

Factory overhead 30,000

Question 2: The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a debit balance. What does a debit balance mean?

Question 3: The factory overhead balance is relatively small; prepare the journal entry to close the Factory Overhead account assuming a credit balance. What does a credit balance mean?