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Bookkeeping MCQs

The theoretically correct method of allocating under or over applied overhead is to:

allocate the amount to cost of goods sold.

allocate the amount to finished goods.

allocate the amount to work in process and finished goods.

allocate the amount among work in process, finished goods, and cost of goods sold.

Answer

Correct Answer: allocate the amount among work in process, finished goods, and cost of goods sold.

Explanation:

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