- 8 2 Ons Exercise 3 8 Algo Applying Overhead Journal Entries Disposing Of Underapplied Or Overapplied Overhead Lo3 1 1 (41.45 KiB) Viewed 42 times
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3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost Goods Sold Prepare the necessary journal entry. References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify reasons for antries (a) through (d). Entry Reason (a) Required 2 > 4 (b) (c) (d)
d Dere a required for a transactionie View transaction list Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Note Enterdetits are dis General Journal Debil Event 1 Clear entry Recort entry GJUUL. Sulu. Prepare the necessary journal entry. (If no entry select "No journal entry required in the first account field.) Credit View general journal
References Journal entry worksheet Racord the allocation of any balance in the manufacturing overhead account to other accounts. Noret Enter date netore tedes Event General Journal Debit Credit Clear entry View general journal Record entry < Required 2
Exercise 3-8 (Algo) 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 Ranufacturing Overhead Work in Process Finished Goods Debit Credit Debit Credit 405, 120 Balance 754,000 20. Balance 485,144 [(b) 81,024 Credit 642,000 10,000 (0) 298,500 90,500 Debit Balance C Balance 39,000 (0) 1754,000 131,000 405,120 Balance 51,000 Cost of Goods Sold Debit Credit (4) 662,000 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 $ 24,400 62,000 Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $405,120 For example, of the $51000 ending balance in work in process, $24.480 was overhead that had been applied during the year Required: 1. Identity 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 Complete this question bus
(a) through (d). evin 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 References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Entry Reason (4) (b) (c) (d) Required 2 > Hopind 1
Pries References Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Note: Enter debats before credits General Journal Debit Event 1 Clear entry Record entry < Required 1 Credit View general journal Required 3 >
Print Peferences Journal entry worksheet Record the allocation of any balance in the manufacturing overhead account to other accounts. Nota debits before credits Event General Journal Debit Credit Clear entry View general journal Regint 3 Record entry < Required 2 Assessme