At the End of the Year, Martin Company Has a Preliminary

question 43

Multiple Choice

At the end of the year, Martin Company has a preliminary credit balance in the Manufacturing overhead account of $95. Which of the following is the year- end adjusting entry needed to clear the balance to zero?

• A)Debit Manufacturing overhead $95, credit Cost of sales $95
• B)Debit Cost of sales $95, credit Finished goods inventory $95
• C)Debit Cost of sales $95, credit Manufacturing overhead $95
• D)Debit Manufacturing overhead $95, credit Finished goods inventory $95

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Definitions:

Change in Supply

An alteration in the quantity of a product that producers are willing and able to sell in the market, due to factors like changes in cost of production or technological improvements.

Quantity Supplied

The quantity supplied refers to the amount of a good or service that producers are willing to sell at a given price over a specified period.

Rationing Function

The process by which a scarce resource is distributed among competing users.

Dynamic Pricing

A pricing strategy where prices are adjusted in real-time based on demand, supply, and other market conditions.