Question

1) Write off all over or under-allocated overhead to cost of goods sold. BALANCES: Cost of...

1) Write off all over or under-allocated overhead to cost of goods sold.

BALANCES:

Cost of goods sold 195,220
Manufacturing overhead control 85,060
manufacturing overhead allocated 61,186

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Manufacturing overhead control 85,060
manufacturing overhead allocated 61,186
overhead under allocated 23,874
unadjusted cost of goods sold 195,220
add:overhead under allocateed 23,874
Adjusted cost of goods sold 219,094 answer
journal entry
Account titles & Explanations Debit Credit
cost of goods sold 23,874
Manufacturing overhead 23,874
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
The Zef Radiator Company uses a​ normal-costing system with a single manufacturing overhead cost pool and​...
The Zef Radiator Company uses a​ normal-costing system with a single manufacturing overhead cost pool and​ machine-hours as the​ cost-allocation base. The following data are for 2017​: Budgeted Manufacturing Overhead Costs $ 4,875,000 Overhead Allocation Base machine-hours Budgeted machine-hours 75,000 Manufacturing Overhead Costs Incurred $ 5,125,000 Actual machine-hours 80,000 Machine-hours data and the ending balances​ (before proration of​ under- or overallocated​ overhead) are as​ follows: Actual Machine-Hours 2017 End-of-Year Balance Cost of Goods Sold 60,000 $ 8,500,000 Finished Goods Control...
Why is it important to adjust Cost of Goods Sold for under/over applied manufacturing overhead? Identify...
Why is it important to adjust Cost of Goods Sold for under/over applied manufacturing overhead? Identify the four level hierarchy that in which costs are grouped while creating an Activity-Based Costing System. Choose a manufacturing company and identify three types of costs that should be included in each category. 
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...
If manufacturing overhead was under-allocated during 200X for a given company, then, before the entry to...
If manufacturing overhead was under-allocated during 200X for a given company, then, before the entry to close manufacturing overhead, cost-of-goods sold would be: too low too high neither too high or too low undetermined--there is no relationship between the application of manufacturing overhead and Cost-of-Goods-Sold.
Which of the following correctly explains what should be done with any under- or over-applied overhead?...
Which of the following correctly explains what should be done with any under- or over-applied overhead? Select one: A. At year end, if there is a significant amount of under- or over-applied overhead, it should be allocated proportionally to Work in Process, Finished Goods, and Cost of Goods sold. B. Monthly, any significant amount of under- or over-applied overhead should be closed to Cost of Goods Sold. C. At year end, if there is a significant amount of under- or...
A makes custom furniture and uses a job-order-cost system. The company always writes off under/over applied...
A makes custom furniture and uses a job-order-cost system. The company always writes off under/over applied overhead to cost of goods sold. The following data pertains to the first quarter of 2020: Beginning direct-materials inventory $26,000 Beginning WIP inventory 64,000   Beginning finished-goods inventory 58,000 Direct materials purchased $148,000 Direct materials requisitioned 82,000 Direct-labor cost incurred 120,000 Factory overhead incurred 146,000 Cost of goods completed (COG manufactured) 292,000 Cost of goods sold (before adjustment for under or over-applied overhead) 256,000 Manufacturing...
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...
1. Over-applied overhead that is material in amount is allocated between Finished Goods inventory, Work in...
1. Over-applied overhead that is material in amount is allocated between Finished Goods inventory, Work in process Inventory and Cost of Goods sold at year end. Over-applied factory overhead that is immaterial in amount is closed to Cost of Goods Sold at year end. First and second sentence are true First and second sentence are false Only the first statement is true Only the second statement is true 2. Process costing is most appropriate when manufacturing large batches of homogeneous...
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 If 21,000 direct labor hours are used, calculate the amount of allocated manufacturing overhead. By how much is XYZ’s manufacturing overhead under or over applied? Be...
Terms: overhead application rate manufacturing overhead cost of goods sold cost of finished goods manufactured cost...
Terms: overhead application rate manufacturing overhead cost of goods sold cost of finished goods manufactured cost accounting managerial accounting work in process inventory period costs product costs Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term, described, or answer "None" if the statement does not correctly describe any of the items. a.) a manufacturing cost that can be traced conveniently and directly into manufactured units of product....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The...
    asked 9 minutes ago
  • Movie stars and U.S. presidents have fished Pyramid Lake. It is one of the best places...
    asked 43 minutes ago
  • what advantages do percent distributions have over frequency distributions when comparing populations at different years?
    asked 49 minutes ago
  • Richard has just been given a 6-question multiple-choice quiz in his history class. Each question has...
    asked 1 hour ago
  • Write about westernized elements in life; westernization in our life, and this includes Americanization.
    asked 1 hour ago
  • The college Physical Education Department offered an Advanced First Aid course last summer. The scores on...
    asked 2 hours ago
  • Researchers hypothesized that increasing a woman's level of arousal would increase her perceptions of attractiveness of...
    asked 2 hours ago
  • Equation 37-14b in the textbook gives the energy emitted by Hydrogen when electrons transition between states...
    asked 2 hours ago
  • Theory of Computation Please provide explanation too on how it works a. Give an NFA recognizing...
    asked 2 hours ago
  • Question 1 A sequential pattern detection circuit (state machine) has input A and output Y, which...
    asked 2 hours ago
  • Natural Foods Inc. is planning to invest in new manufacturing equipment to make a new garden...
    asked 2 hours ago
  • Explain why a callable bond's price would be expected to decline less than an otherwise comparable...
    asked 3 hours ago