. The following information was reported for Gray Enterprises on December 31, 2020. Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead
. The following information was reported for Gray Enterprises on December 31, 2020. Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. The following information was reported for Gray Enterprises on December 31, 2020.
ManufacturingOverhead
D. Prepare the adjusting entry.
Journal
2. The following information was reported for Gray Enterprises on December 31, 2021.
Manufacturing Overhead
D. Prepare the adjusting entry.
Journal
Manufacturing
| Debit | Credit |
|---|---|
| 3,500 | 51,210 |
| 15,510 | |
| 37,540 | |
| Double line5,340 | Double line |
| A. What is the actual manufacturing overhead? | B. What is the allocated manufacturing overhead? | C. Is manufacturing overhead underallocated or overallocated? |
|---|---|---|
D. Prepare the adjusting entry.
Journal
| Date | Description | Debit | Credit |
|---|---|---|---|
| Dec. 31, 20 | |||
| Dec. 31, 20 |
2. The following information was reported for Gray Enterprises on December 31, 2021.
Manufacturing Overhead
| Debit | Credit |
|---|---|
| 2,110 | 56,360 |
| 15,500 | |
| 31,830 | |
| Double line | Double line6,920 |
| A. What is the actual manufacturing overhead? | B. What is the allocated manufacturing overhead? | C. Is manufacturing overhead underallocated or overallocated? |
|---|---|---|
D. Prepare the adjusting entry.
Journal
| Date | Description | Debit | Credit |
|---|---|---|---|
| Dec. 31, 20 | |||
| Dec. 31, 20 |
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