At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied
Question:
At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by?
a) Increase by 800,000
b) Decrease by 800,000
c) Not effect net income
d) Decrease net income by 200,000
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Difference 35000000 34200000 8...View the full answer
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Related Book For 
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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