Calculator At the end of the year, overhead applied was $3,708,000. Actual overhead was $3,466,000. Closing...

Question

Question

Answer 1

Answer #1

Overhead applied	$ 37,08,000
Less:
Actual Overhead	$ 34,66,000
Over Applied	$ 2,42,000

Since it is over-applied the cost of goods sold would be credited by $242000
and consequently, net income would increase by $242000

Correct Option: b. increase by $242000

Answer 2

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