During the year, a company incurred $520,000 of manufacturing overhead costs and allocated $480,000 of manufacturing overhead costs
At year-end, the adjustment entry needed to adjust the Manufacturing Overhead account balance to zero will include a debit to Cost of Goods Sold.
Indicate whether the statement is true or false
TRUE
You might also like to view...
ABC Company's new CFO has asked the company's CAE to meet with her to discuss the role of the internal audit function. The CAE should inform the CFO that the overall responsibility of internal audit is to:
a) Serve as an independent assurance and consulting activity designed to add value and improve the company's operations. b) Review the integrity of financial and operating information and the methods used to accumulate and report information. c) Determine whether the company's system of internal controls provides reasonable assurance that information is effectively and efficiently communicated to management. d) Assess the company's methods for safeguarding its assets and, as appropriate, verify the existence of the assets.
Atburex is a furniture manufacturing company in the United States. The company provides a sixty day credit period and EMI options to customers and also offers on-site delivery and installation
These special benefits refer to which of the following service outputs? A) good service backup B) large product variety C) spatial convenience D) large lot size E) short waiting time