There Are Two Acceptable Methods for Closing Out Any Balance

question 154

Multiple Choice

There are two acceptable methods for closing out any balance of underapplied or overapplied manufacturing overhead. One method involves allocation of the balance among several accounts, whereas the other closes any balance directly to:

• A)Finished Goods inventory.
• B)Cost of Goods Sold.
• C)Cost of Goods Manufactured.
• D)Work in Process inventory.

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