Colorado Company uses a job-order costing system. Account balances at the end of the year...
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Accounting
Colorado Company uses a job-order costing system. Account balances at the end of the year were: Raw materials Inventory $200,000 Work-In-Process Inventory 400,000 Finished Goods Inventory 600,000 Cost of Goods Sold 800,000 Manufacturing Overhead (credit: over applied) 90,000 What journal entry(s) are necessary to close the Manufacturing Overhead account if the amount in the account ($90,000) is all materials?
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