At the End of the Last Fiscal Year,Sheraton Company Had $\$ 6,000$

question 77

Multiple Choice

At the end of the last fiscal year,Sheraton Company had the following account balances:
Overupplied ovehend                                    $\$ 6,000$
Cast ar Gands Eald                                      $980,000
Work in Process Irvintory                              $\$ 38,000$
FinishedGoods Inventory                                $\$ 82,000$

If the most common treatment of assigning overapplied overhead were used,the final balance in Cost of Goods Sold is:

• A)$974,000.
• B)$974,660.
• C)$985,340.
• D)$986,000.

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Definitions:

Marketable Securities

Financial instruments that can be quickly converted into cash at a reasonable price.

Accounts Receivable

Money owed to a company by its customers for products or services delivered on credit.

Current Liabilities

Financial obligations or debts a company is expected to pay within a year.

Inventory

A complete list of items, such as goods in stock, held by a business to fulfill customer demand.