At the End of the Year, Metro Company Has an Unadjusted

question 34

Multiple Choice

At the end of the year, Metro Company has an unadjusted credit balance in the Manufacturing Overhead account of $950. Which of the following is the year-end adjusting entry needed to clear the balance to zero?

• A)debit Cost of Goods Sold $950, credit Finished Goods Inventory $950
• B)debit Manufacturing Overhead $950, credit Finished Goods Inventory $950
• C)debit Manufacturing Overhead $950, credit Cost of Goods Sold $950
• D)debit Cost of Goods Sold $950, credit Manufacturing Overhead $950

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Definitions:

Coefficient of Correlation

A statistical measure that calculates the strength and direction of the relationship between two variables or data sets.

Numerical Value

A measurable quantity represented by a number, often used to quantify an attribute or parameter in scientific and mathematical contexts.

Outlier

An unusually small or unusually large data value.

Regression Analysis

A set of statistical processes for estimating the relationships among variables.