subject
Business, 25.02.2021 18:30 kathleen1010

Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 463,104 (b) 385,920 Bal. 77,184 Work in Process Bal. 20,080 (c) 714,000 263,500 85,500 (b) 385,920 Bal. 41,000 Finished Goods Bal. 49,000 (d) 642,000 (c) 714,000 Bal. 121,000 Cost of Goods Sold (d) 642,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending $ 19,680 Finished Goods, ending 58,080 Cost of Goods Sold 308,160 Overhead applied $ 385,920 For example, of the $41,000 ending balance in work in process, $19,680 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry.

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 22.06.2019 23:30, paigeyadon13
At the save the fish nonprofit organization, jenna is responsible for authorizing outgoing payments, rob takes care of recording the payments in the organization's computerized accounting system, and shannon reconciles the organization's bank statements each month. this internal accounting control is best known as a(n) a. distribution process. b. segregation of duties c. specialized budget d. annotated financial process
Answers: 2
image
Business, 23.06.2019 08:30, mez64
In the supply-and-demand schedule shown above, the equilibrium price for cell phones is $25 $100 $200
Answers: 2
image
Business, 23.06.2019 12:00, Mialock7677
An increase in mexico’s demand for united states goods would cause the value of the dollar to
Answers: 1
image
Business, 23.06.2019 14:50, ineedhelp2285
If massachusetts has a sales tax of 6 percent and new hampshire has no sales tax, how much money can be saved by buying a $1,000 television in new hampshire? $6 $16 $60 $600
Answers: 1
You know the right answer?
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [...

Questions in other subjects:

Konu
Mathematics, 29.10.2021 14:00