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In a normal costing system, when Manufacturing Overhead is under-applied: Cost of Goods Sold is understated Work in Process Inventory is overstated Finished Goods Inventory
In a normal costing system, when Manufacturing Overhead is under-applied:
Cost of Goods Sold is understated
Work in Process Inventory is overstated
Finished Goods Inventory is overstated
Gross Profit is understated
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Principles Of Auditing: An International Perspective
Authors: Rick Stephan Hayes, Philip Wallage, Arnold Schilder, Roger Dassen
1st Edition
