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Question
Marshall Enterprises charged the following amounts of overhead to jobs during the year: $20,000 to jobs still in process, $60,000 to jobs completed but not sold, and $120,000 to jobs finished and sold. At year-end, Marshall Enterprise's Factory Overhead account has a credit balance of $5,000, which is not a material amount. What entry should Marshall make at year-end?A.No entry is needed.
B.Debit Factory Overhead $5,000; credit Cost of Goods Sold $5,000.
C.Debit Cost of Goods Sold $5,000; credit Factory Overhead $5,000.
D.Debit Factory Overhead $5,000; credit Work in Process Inventory $5,000.
E.Debit Factory Overhead $5,000; credit Finished Goods Inventory $5,000.
Answer
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