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Knowledge Check 02 If a transfer price is set at the market price, it is also called: O The floor O The capital The ceiling O The high transfer Knowledge Check 03 Transfer prices determine the O Firm's overall profitability O Distribution of profits Responsibility center's authority to sell Knowledge Check 03 At the end of the accounting period, all variances should be closed to to adjust the standard cost to the actual cost. Cost of Goods Sold O Raw Materials tientory O Cost Variances Work in Process Inventory Knowledge Check 04 At the end of the year, the Cost Variances account of Alpha Inc. shows a debit balance of $1700. The balance is considered the fixed overhead spending variance of $200, favorable. The total standard cost of production is $165,500. Calculate the actual cost of goods sold $163.800 $167.200 $165,500 $164.000