Chapter 3 - Overhead Variance (Over or Underapplied), Closing to Cost of Goods Sold.pdf

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Overhead Variance (Over- or Underapplied), Closing to Cost of Goods Sold At the end of the year, Ilberg Company provided the following actual information: Overhead $423,600 Direct labor cost 532,000 Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $903,000.

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