At the end of the year, overhead applied was $3,682,000. Actual overhead was $3,485,000. Closing over/underapplied...
At the end of the year, overhead applied was $3,682,000. Actual overhead was $3,485,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a. decrease by $197,000 b. increase by $394,000 c. decrease by $394,000 d. increase by $197,000
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| Correct answer is option d. Increase by $197000 | |||
| Applied overhead | 3,682,000 | ||
| Actual overhead | 3,485,000 | ||
| Higher applied overhead | 197,000 | ||
| When it will be closed against COGS cost will decline by 197000 which will increase profit . | |||
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No need to show work, I will upvote correct answer
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No need to show work, I will upvote correct answer
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