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Actual manufacturing overhead incurred during the year was $332,000 and manufacturing overhead applied to jobs was $336,000. Assuming the balance in the Manufacturing Overhead account
Actual manufacturing overhead incurred during the year was $332,000 and manufacturing overhead applied to jobs was $336,000. Assuming the balance in the Manufacturing Overhead account is considered immaterial, the journal entry to close the Manufacturing Overhead account will include a $4,000 credit to Cost of Goods Sold Work in Process Inventory Manufacturing Overhead, Finished Goods
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