Reference no: EM132511127
Assume the following are year-end balanced:
Work in Progress - $20,000
Finished Goods - 25,000
Cost of Goods Sold - 35,000
Question 1: If manufacturing overhead is OVERapplied by $10,000, and it is considered a material amount, which of the following would be included in the entry closing the Manufacturing Overhead account?
A) Credit Finished Goods - $3,125
B) Credit Manufacturing Overhead $10,000
C)Debit Cost of Goods Sold $3,500
D) Debit Work in Progress $3,333
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