At the end of the year, Martin Company has a preliminary credit balance in the Manufacturing overhead account of $95. Which of the following is the year-end adjusting entry needed to clear the balance to zero?
A) Debit Cost of goods sold $95, credit Finished goods inventory $95
B) Debit Manufacturing overhead $95, credit Finished goods inventory $95
C) Debit Manufacturing overhead $95, credit Cost of goods sold $95
D) Debit Cost of goods sold $95, credit Manufacturing overhead $95
Correct Answer:
Verified
Q87: During 2012, a company incurs $500,000 of
Q88: Overallocated manufacturing overhead occurs when the manufacturing
Q89: During 2012, a company incurs $500,000 of
Q90: Cost of goods sold needs to be
Q91: On June 30, Coraline Company finished job
Q93: The cost of goods manufactured is recorded
Q94: On January 1, 2012, Matthew Company's work
Q95: Caltran Company has just completed manufacturing
Q96: On June 30, Coraline Company finished job
Q97: At the beginning of 2012, Conway
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents