Reference no: EM132954687
Problem 1: Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $400,000, and direct labor costs to be $2,000,000. Actual overhead costs for the year totaled $380,000, and actual direct labor costs totaled $1,800,000. At year-end, the balance in the Factory Overhead account is a:
a. $380,000 Debit balance.
b. $400,000 Credit balance.
c. $20,000 Debit balance.
d. $360,000 Debit balance.
e. $20,000 Credit balance
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