Provide correct answer the general accounting question not use chatgpt At the end of the year, overhead applied was $3,721,000. Actual overheadwas $3,266,000. Closing over/underapplied overhead into Cost of GoodsSold would cause net income to:a. increase by $455,000b. increase by $910,000c. decrease by $910,000d. decrease by $455,000

Step 1: Define Cost of Goods SoldThe cost of goods sold value is determined based upon the…

Answered: At the end of the year, overhead…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 1CP

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At the end of the year, overhead applied was $3,721,000. Actual overhead was $3,266,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to: a. increase by $455,000 b. increase by $910,000 c. decrease by $910,000 d. decrease by $455,000