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What is the balance in factory overhead account at year-end

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Reference no: EM132979196

Problem 1: Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $700,000, and direct labor costs to be $350,000. Actual overhead costs for the year totaled $710,000, and actual direct labor costs totaled $390,000. At year-end, the balance in the Factory Overhead account is a:

Multiple Choice

Option 1: $710,000 Debit balance.
Option 2: $390,000 Debit balance.
Option 3: $70,000 Credit balance.
Option 4: $780,000 Credit balance.
Option 5: $70,000 Debit balance.

Reference no: EM132979196

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