The following information relates to Wells Fargo for July 2008:
Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period,which of the following would be the entry to the cost of goods sold account?

A) $80 000 debit
B) $80 000 credit
C) $40 000 credit
D) $40 000 debit

Question

The following information relates to Wells Fargo for July 2008:
Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period,which of the following would be the entry to the cost of goods sold account?

A) $80 000 debit 
B) $80 000 credit 
C) $40 000 credit 
D) $40 000 debit

Quizplus · Accepted Answer

The Answer of The following information relates to Wells Fargo for July 2008:
Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period,which of the following would be the entry to the cost of goods sold account?

A) $80 000 debit 
B) $80 000 credit 
C) $40 000 credit 
D) $40 000 debit

The Following Information Relates to Wells Fargo for July 2008