At the end of 2010, Jackson Tank Company\'s accounts showed a $66,000 credit bal

Question

At the end of 2010, Jackson Tank Company's accounts showed a $66,000 credit balance in Manufacturing Overhead Control. In addition, the company had the following account balances:
work in process inventory $384,000
finished goods inventory 96,000
cost of goods sold 720,000

prepare the necessary journal entry to close the overhead account if the balance is considered immaterial.

prepare the necessary journal entry to close the overhead account if the balance is considered material.


what method do you believe is more appropriate for the company and why?

Explanation / Answer

1. Prepare the necessary journal entry to close the overhead account if the balance is considered immaterial. Manufacturing Overhead $66,000 Cost of goods sold $66,000

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