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The actual manufacturing overhead incurred at Liberty Industries during May was $63,800, while the manufacturing...

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Accounting

The actual manufacturing overhead incurred at Liberty Industries during May was $63,800, while the manufacturing overhead applied to Work-in-Process was $77,200. The company's Cost of Goods Sold was $292,200 prior to closing out its Manufacturing Overhead account. The company closes out its Manufacturing Overhead account to Cost of Goods Sold. Which of the following statements is true?

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