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Home Q & A Board Other Fields Homework Help Business Accounting
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bernie2981 bernie2981
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8 years ago
Matthew Company uses a job cost system. The overhead account shows a $5,000 overallocated balance at the end of the year. Actual overhead incurred was $100,000. Other balances are:

Ending raw materials   $15,000
Work in process inventory at end of year    32,000
Finished goods inventory at end of year    47,000
Cost of goods sold for year   $282,000

The entry to close manufacturing overhead would include a
A) debit to Work-in-Process Inventory account for $5,000.
B) debit to Manufacturing Overhead account for $5,000.
C) credit to Work-in-Process Inventory account for $5,000.
D) debit to Cost of Goods Sold account for $5,000.
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Managerial Accounting

Managerial Accounting


Edition: 4th
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nucleinuclei
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8 years ago
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bernie2981 Author
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#2
8 years ago
Wow! Thank you
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#3
5 years ago
thanks
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