at the end of the year, actual overhead was $2,642,000. Applied overhead was $2,629,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by?

A) have no effect on income

B) Decrease by $13,000

C) Increase by $13,000

D) Decrease net income by $2,629,000

E) Increase net income by $2,642,000

Period costs are

A) always found on the balance sheet as a component of finished goods

B) always found on the income statement as only administrative costs.

C) always found on the income statement as non manufacturing costs.

D) always found on the income statement as cost of merchandise sold.

If fixed costs are $633,185 and the contribution margin ratio is 79%, the break even point in sales dollars is $801,500.

True of False