The following partially completed T accounts summarize the transactions of Carlton Company for last year: 
At the end of the year,the company closes out the balance in the Overhead account to Cost of Goods Sold.
The cost of goods manufactured is
Definitions:
Expenses
Expenses are the outflows or the utilization of assets or incurring of liabilities during a period in the course of generating revenue.
Cash
A liquid asset representing currency or its equivalents that can be used immediately in transactions without any conversion or delay.
Services Rendered
The provision of work performed by one party for another in exchange for compensation.
Earning Revenue
Earning revenue refers to the total amount of money earned or income generated from a company's normal business activities before any costs or expenses are deducted.
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