At the End of the Year,Easton Company Had a Balance

question 66

Multiple Choice

At the end of the year,Easton Company had a balance in Manufacturing Overhead of $20,000,and a balance in Manufacturing Overhead Applied of $19,000.When the Manufacturing Overhead account is closed,the Cost of Goods Sold account will be:

• A) Increased by $1,000.
• B) Decreased by $1,000.
• C) Unaffected.
• D) Closed to Manufacturing Overhead Applied.

---

Definitions:

Nominal Exchange Rate

The rate at which one country's currency can be traded for another country's currency, not adjusted for inflation.

Rand

The official currency of South Africa, symbolized as ZAR.

Trade Balance

A measure of a country's exports minus its imports, indicating whether a country is in a surplus or deficit trade position.

Imports

Goods or services brought into one country from another for sale, which can affect a nation's economy in various ways.