At the end of the period, Carson Company had the following balances in selected accounts: Materials Finished goods Work in process Cost of goods sold Factory overhead $80,000 190,000 70,000 1,000,000 30,000 Required: a. The factory overhead balance is relatively small, prepare the journal entry to close the Factory Overhead account assuming a debit balance. Cash Wh Cost of Goods Sold nce mean? Factory Overhead Wages Payable d balance is relatively small, prepare the journal entry to close the Factory Overhead account assuming a credit balance. What does a credit balance mean? At the end of the period, Carson Company had the following balances in selected accounts: Materials Finished goods Work in process Cost of goods sold Factory overhead $80,000 190,000 70,000 1,000,000 30,000 Required: a. The factory overhead balance is relatively small, prepare the journal entry to close the Factory Overhead account assuming a debit balance What does a debit balance mean? This means overapplied overhead in the factory overhead account. urnal entry to close the Factory Overhead account assuming a credit balance. This means underapplied overhead in the factory overhead account. What does a credit balance mean