Vandagriff Corporation has provided data concerning the company's Manufacturing Overhead account for the month of...
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Accounting
Vandagriff Corporation has provided data concerning the company's Manufacturing Overhead account for the month of June. Prior to the closing of the overapplied or underapplied balance to Cost of Goods Sold, the total of the debits to the Manufacturing Overhead account was $77,000 and the total of the credits to the account was $64,000. Which of the following statements is true as a result of posting a closing entry to manufacturing overhead to balance the account?
A) Cost of goods sold and profits would both be increased
B) Cost of goods sold would be decreased and profits would be increased.
C) Cost of goods sold and profits would both be decreased.
D) Cost of goods sold would be increased and profits would be decreased
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