At the end of the year, factory overhead applied was $3,744,000. Actual factory overhead was $3,425,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to O a increase by $319,000 Ob decrease by $638,000 O increase by $630,000 Od decrease by $319,000. €

At the end of the year, factory overhead applied was $3,744,000. Actual factory overhead was $3,425,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to O a increase by $319,000 Ob decrease by $638,000 O increase by $630,000 Od decrease by $319,000. €

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

At the end of the year, factory overhead applied was $3,744,000. Actual factory overhead was $3,425,000. Closing over/underapplied overhead into
Cost of Goods Sold would cause net income to
O a increase by $319,000
Ob decrease by $638,000
O increase by $630,000
Od decrease by $319,000
€

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