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Question
M.A.E. charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process; $60,000 to jobs completed but not sold; and $120,000 to jobs finished and sold. At year-end, M.A.E. Company's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should M.A.E. make at year-end?
| A. | No entry is needed. | ||
| B. | Factory Overhead | 5,000 | |
| Cost of Goods Sold | 5,000 | ||
| C. | Cost of Goods Sold | 5,000 | |
| Factory Overhead | 5,000 | ||
| D. | Factory Overhead | 5,000 | |
| Goods in Process Inventory | 5,000 | ||
| E. | Factory Overhead | 5,000 | |
| Finished Goods | 5,000 | ||
A. A
B. B
C. C
D. D
E. E
Answer
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Related questions
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