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14) Molly Company had the following information for the year: Direct materials used Direct labor incurred (9,000 hours) Actual manufacturing overhead incurred $ 295,000 $
14) Molly Company had the following information for the year: Direct materials used Direct labor incurred (9,000 hours) Actual manufacturing overhead incurred $ 295,000 $ 245,000 $ 343,000 Molly Company used a predetermined overhead rate using estimated overhead of $320,000 and 8,000 estimated direct labor hours. At the end of the year, if over or under applied overhead is closed directly into cost of goods sold, the entry for that closing would include a: A) credit to cost of goods sold for $23,000 B) debit to cost of goods sold for $17,000 C) credit to cost of goods sold for $17,000 D) debit to cost of goods sold for $23,000
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