At the end of the period

At the end of the period - inventory and cost of goods sold...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
At the end of the period, the factory overhead account has a credit balance of ($125). This is called  overapplied overhead and an entry would be made at the end of the period to move it to cost of  goods sold, or alternatively, to allocate the difference to work-in-process inventories, finished goods 
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: inventory, and cost of goods sold. After recording this entry, the balance in the factory overhead account is zero. General Journal Date Account Title and Description Ref. Debit Credit 20X2 June 30 Factory Overhead 125 (M) Cost of Goods Sold 125 Close out overapplied overhead...
View Full Document

This note was uploaded on 11/16/2011 for the course ACCT 2310 taught by Professor Staff during the Spring '09 term at Texas State.

Ask a homework question - tutors are online