Multiple Choice
At the current year-end,Simply Company found that its overhead was underapplied by $2,500,and this amount was not considered material.Based on this information,Simply should
A) Close the $2,500 to Cost of Goods Sold.
B) Close the $2,500 to Finished Goods Inventory.
C) Do nothing about the $2,500,since it is not material,and it is likely that overhead will be overapplied by the same amount next year.
D) Carry the $2,500 to the income statement as "Other Expense".
E) Carry the $2,500 to the next period.
Correct Answer:
Verified
Correct Answer:
Verified
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