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At the end of the year, overhead applied was $35,000,000. Actual overhead was $34,200,000. Closing over/under applied overhead into cost of goods sold would cause net income to increase/decrease by?

a. Not effect net income.

b. Decrease net income by $200,000

c. Increase by $800,000

d. Decrease by $800,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450234

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