Matthew Company Uses a Job Cost System

question 264

Multiple Choice

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: The entry to close manufacturing overhead would include a

• A)debit to manufacturing overhead for $5,000.
• B)debit to work in process inventory for $5,000.
• C)debit to cost of goods sold for $5,000.
• D)credit to work in process for $5,000.

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Definitions:

Professionals

Individual engaged in a profession who possess the specialized education, skills, and ethical standards of their field.

Process Innovations

The implementation of new or significantly improved production or delivery methods to enhance efficiency and effectiveness.

Richard Walton

A prominent figure known for his contributions to the field of industrial relations and conflict resolution strategies.

Relative Advantage

The degree to which a new product, service, or idea is perceived as better than the existing standard by potential adopters.