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Using the following information: Cost of Goods Sold for the year $ 840,000 Ending Finished...

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Accounting

Using the following information: Cost of Goods Sold for the year $ 840,000 Ending Finished Goods $ 100,000 Ending Work in Process $ 60,000 Overapplied manufacturing overhead $ 40,000 Assuming overapplied overhead is considered material, using the preferred method, what would be the adjustment to Cost of Goods Sold to close the overapplied overhead?

Question 8 options:

1) A debit of $ 33,600.
2) A credit of $ 33,600.
3) A debit of $ 40,000.
4) A credit of $ 40,000.

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