Which of the following statements regarding horizontal analysis is not true? Multiple Choice a. Percentage analysis involves computing the percentage relationship between two amounts. b. In horizontal percentage analysis, a financial statement line item is expressed as a percentage of the previous balance of the same item. c. A horizontal analysis of cost of goods sold on the income statement includes dividing net income by total revenue. d. Horizontal analysis attempts to eliminate the materiality problem of comparing firms of different sizes.

Xyz corporation has provided the following data concerning manufacturing overhead for july: actual manufacturing overhead incurred $ 69,000 manufacturing overhead applied to work in process $ 79,000 the company's cost of goods sold was $243,000 prior to closing out its manufacturing overhead account. the company closes out its manufacturing overhead account to cost of goods sold. which of the following statements is true? multiple choice manufacturing overhead was overapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $253,000 manufacturing overhead was underapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $233,000 manufacturing overhead was underapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $253,000 manufacturing overhead was overapplied by $10,000; cost of goods sold after closing out the manufacturing overhead account is $233,000