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Account balances were as follows before any adjustment for overapplied or underappl

Account balances were as follows before any adjustment for overapplied or underappl

Account balances were as follows before any adjustment for overapplied or underapplied overhead: Manufacturing overhead control (Underapplied) $120,000 * Work in
process inventory 50,000 Finished goods inventory 150,000 Cost of goods sold 400,000 If the amount of underapplied or overapplied overhead is written off to cost
of goods sold, what is the adjusted balance in cost of goods sold? (It might help if you label the above account balances as debits or credits first). * This
company uses the Manufacturing overhead control account to record both actual overhead costs and overhead applied so that the balance in the account represents the
amount of overapplied or underapplied overhead. The above balance represents underapplied overhead. a. $720,000 b. $480,000 c. $520,000 d. $280,000

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