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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
Overhead Expenses
Costs that are not directly associated with the production of goods or services, such as rent, utilities, and administrative expenses.
Operating Profit
The income generated from the primary activities of a business before subtracting any tax and interest expenses.
Retail Selling Price
The price at which goods or services are sold to the final consumer, including any markups applied by retailers.
Profit
The financial gain obtained when the revenue generated from a business activity exceeds the expenses, costs, and taxes associated with it.
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