Prepare the adjusting entry for each company at December 31, assuming the adjustment is made to cost of goods sold?
At December 31, balances in Manufacturing Overhead are Shimeca Company—debit $1,200, Garcia Company—credit $900.
December 31, Manufacturing Overhead 1,200
Cost of goods sold 1,200
(to record balance of manufacturing overhead)
December 31, Cost of goods sold 900
Manufacturing Overhead 900
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