The balance of Factory Overhead at the end of the year is disposed of by transferring it to the _____. a.non-operating e...
The balance of Factory Overhead at the end of the year is disposed of by transferring it to the _____.
a.non-operating expense account
b.accounts payable account
c.cost of goods sold account
d.accounts receivable account
Homework Answers
OPTION C: cost of goods sold account
EXPLANATION:
the balance in the factory overhead account should not be carried over to the next year because it only relates to the current year of operation therefore to dispose it off, it’s debit or credit balance is transferred to the cost of goods sold account.
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The balance of Factory Overhead at the end of the year is disposed of by transferring it to the _____. a.non-operating e...
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