A Company Charged the Following Amounts of Overhead to Jobs

question 35

Essay

A company charged the following amounts of overhead to jobs during the current year: $12,000 to jobs still in process, $42,000 to jobs completed but not sold, and $66,000 to jobs finished and sold. At year-end, the company's Factory Overhead account has a credit balance of $9,000, which is not a material amount. What entry (if any) should the company make at year-end related to this overhead balance?

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Definitions:

Agent Liability

The legal responsibility that agents may have for their actions or inactions during the course of their agency relationship, potentially leading to obligations or damages.

Customer

An individual or business that purchases goods or services from another entity.

Employees

Employees are individuals who work for a business or organization, typically in return for compensation, and are subject to the employer's control in terms of how work is done.

Apply

To make a formal request or submission for something, such as a job, program, or permission.