Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs to be $500,000, and direct labor costs to be $250,000. Actual overhead costs for the year totaled $520,000, and actual direct labor costs totaled $280,000. At year-end, the balance in the Factory Overhead account is a:
A. $560,000 Credit balance.
B. $40,000 Credit balance.
C. $520,000 Debit balance.
D. $40,000 Debit balance.
E. $280,000 Debit balance.
Answer: B
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