a. If the balance is considered immaterial, prepare the necessary journal entry to closS the overhead account. b. If the balance is considered material, prepare the necessary journal entry to close th overhead account. c. Which method is more appropriate for the company? and why?

3. What accounts are debited / credited for overhead cost incurred vs overhead cost applied?

When materials are used as indirect materials, their cost is debited to Facotry or Manufacturing overhead account. TRUE FALSE

What features of the cost accounting system would be expected to prevent the omission ofrecording materials used in production?

Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.

1. How do the relationships between the balance sheet, income statement, job cost ledger, and equipment ledger help determine the changes made by each transaction?

Can you give us the actual formula for determining the overhead rate and not just the two components without relating them to each other, please? That should then help you give a better explanation of how/why the overhead could be over or underapplied.

How do accounting books handle over and under absorption of overheads?

Describe how the over or under application of overhead should be corrected in the accounting records.

What affect would closing an OVERAPPLIED Manufacturing Overhead account to Cost of Goods Sold have on the accounting records? Group of answer choices A. Cost of Goods Sold would increase B. Net Income would decrease C. Cost of Goods Sold would decrease Both A & B