Question

Bob’s Treasures allocated $150,000 of Manufacturing Overhead to products manufactured in May. The actual manifacturing overhead...

Bob’s Treasures allocated $150,000 of Manufacturing Overhead to products manufactured in May. The actual manifacturing overhead was $170,000. The balance in Cost of goods sold was $2,000,000. The Balance in Finished Goods Inventory was $1,500,000. The balance in Work in Process Inventory was $1,000,000. Prepare the appropriate journal entry.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Manufacturing overhead applied $ 150,000 Actual amount of manufacturing overhead costs 120,000 Amount of overhead applied...
Manufacturing overhead applied $ 150,000 Actual amount of manufacturing overhead costs 120,000 Amount of overhead applied during the year that is in: Work in Process $ 37,500 25 % Finished Goods 52,500 35 % Cost of Goods Sold 60,000 40 % Total overhead applied $ 150,000 100 % Knowledge Check 01 If the Manufacturing Overhead account is closed to Cost of Goods Sold, the related entry will ________. decrease the cost of goods sold by $30,000 increase the cost of...
Applied vs. Actual Manufacturing Overhead Davis Manufacturing Corporation applies manufacturing overhead on the basis of 150%...
Applied vs. Actual Manufacturing Overhead Davis Manufacturing Corporation applies manufacturing overhead on the basis of 150% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $472,500 and that at year-end Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold included $60,000, $30,000, and $210,000, respectively, of direct labor incurred during the current year. a. Determine the under applied manufacturing overhead at...
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual...
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $470,000 Applied overhead:       Work-in-process inventory $100,000       Finished goods inventory 200,000       Cost of goods sold 200,000       Total $500,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year. Provide the appropriate adjusting journal entry to close the overhead variance to Cost of Goods Sold. Work-in-Process Inventory Cash Cost of Goods Sold Finished...
XYZ Company had the following information: Budgeted overhead                                &nb
XYZ Company had the following information: Budgeted overhead                                         $75,000 Actual overhead                                              $80,000 Budgeted Direct-labor hours                          20,000 Ending balances in the following accounts: Ending Balance Actual DLH in Ending Balance Raw Materials Inventory $ 40,000 0 Work In Process Inventory $ 30,000 2,100 Finished Goods Inventory $ 60,000 8,400 Cost of Goods Sold $210,000 10,500 Prepare the journal entry using the adjusted allocation method, ie. prorate the under- or over-allocated manufacturing overhead based on the overhead allocated in the ending balances...
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual...
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead $470,000 Applied overhead:       Work-in-process inventory $100,000       Finished goods inventory 200,000       Cost of goods sold 200,000       Total $500,000 Warner uses the overhead control account to accumulate both actual and applied overhead. Required: 1. Calculate the overhead variance for the year. Provide the appropriate adjusting journal entry to close the overhead variance to Cost of Goods Sold. Work-in-Process Inventory Cash Cost of Goods Sold Finished...
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead....
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials $ 124,400 Work in process 118,000 Finished goods 76,800 April 30 Inventory balances Raw materials $ 86,600 Work in process 146,800 Finished goods 80,600 During April Costs of raw materials purchased $ 118,200 Costs of direct labor 101,100 Costs of manufacturing overhead 61,300 Sales revenues 360,000     Required Prepare a schedule of cost of goods manufactured and sold....
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the...
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2010, follows: Sales equal $600,000. Direct materials used total $54,000. Manufacturing overhead is 150 percent of direct labor dollars. The beginning inventory of finished goods is 20 percent of the cost of goods sold. The ending inventory of finished goods is twice the beginning inventory. The gross profit is 20 percent of sales. There is no beginning or ending work-in-process....
XYZ uses job costing. Actual manufacturing overhead for the period is $ 20 comma 400$20,400 while...
XYZ uses job costing. Actual manufacturing overhead for the period is $ 20 comma 400$20,400 while allocated manufacturing overhead is $ 18 comma 900$18,900. What entry will close the manufacturing overhead? balance? A. Debit the Cost of Goods Sold account and credit the Finished Goods Inventory account for $ 1 comma 500$1,500. B. Debit the Cost of Goods Sold account and credit the Manufacturing Overhead account for $ 1 comma 500$1,500. C. Debit the Manufacturing Overhead account and credit the...
Problem 3-12 Predetermined Overhead Rate; Disposing of Underapplied or Overapplied Overhead [LO3-4] Luzadis Company makes furniture...
Problem 3-12 Predetermined Overhead Rate; Disposing of Underapplied or Overapplied Overhead [LO3-4] Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $1,066,000 of total manufacturing overhead for an estimated activity level of 82,000 machine-hours. During the year, a large quantity of furniture on the market resulted in cutting back...
Swift Manufacturing Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours...
Swift Manufacturing Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The overhead allocation rate used during the year was $100 per machine hour. At the end of the year the company had an over-allocated overhead cost totaling $500,000. Machine-hour data and the ending balances (before proration of under- or over-allocated overhead) are as follows: Actual End-of-Year Machine Hours Balance Cost of Goods Sold 80,000 $8,000,000 Finished Goods Inventory Control 15,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT