M.A.E. charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, M.A.E. Company's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should M.A.E. make at year-end?
Definitions:
Ending Inventory
The cumulative worth of merchandise ready for sale at the conclusion of a financial period.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including material and labor expenses.
Profit Margin Ratio
A financial metric that measures the percentage of profit a company earns from its total revenue.
Net Income
The residual income of a business post all deductions, including taxes and expenses, from its gross income.
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