Actual Overhead During the Year Was More Than Applied Overhead $\quad$

question 50

Multiple Choice

Actual overhead during the year was more than applied overhead, the journal entry to close the Overhead account for the difference?

• A) Overhead \(\quad \)XX
• \(\quad \)\(\quad \)?Cost of Goods Sold \(\quad \)XX
• B) Cost of Goods Sold \(\quad \)XX
• \(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)\(\quad \)Overhead \(\quad \) XX
• C) Overhead \(\quad \) XX
• \(\quad \)\(\quad \)Finished Goods Inventory \(\quad \) XX
• D) Cost of Goods Sold \(\quad \) XX
• \(\quad \)\(\quad \)\(\quad \) Finished Goods Inventory \(\quad \)XX

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Definitions:

Inventory Items

Goods or products that a company holds in stock with the intent to sell as part of its business operations.

Vendor Reports

Analytical summaries prepared to outline business transactions and performance metrics related to suppliers and vendors.

Reports Center

A feature or section within a software or platform where users can generate, access, and review various financial and operational reports.

QuickBooks

An accounting software package developed and marketed by Intuit, used by small and medium-sized businesses for bookkeeping.