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Which of the following would affect the status of a contract entered into by a minor upon that individual attaining the age of majority?
Over/Underapplied Overhead
The difference between the actual overhead costs incurred and the overhead costs allocated to production, indicating whether the allocated amount was too high or too low.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including material and labor expenses.
Net Income
Net income, or net profit, is the total earnings of a company after subtracting all expenses, taxes, and costs from total revenue.
Factory Overhead Account
An account that accumulates all indirect costs associated with the production process, such as utilities and maintenance, not directly tied to specific units of product.
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