01 Exercise 7-35 (Static) Prorate Over- or Underapplied Overhead (LO 7-3) Linzee Liners estimates that its manufacturing overhead will be $1,725,000 in Year 1. It further estimates that direct labor costs will amount to $750,000. During March, Linzee worked on four jobs with actual direct labor costs of $35,000 for Job 0301, $22,500 for Job 0302, $32,000 for Job 0303, and $16,000 for Job 0304. Actual manufacturing overhead costs for the year were $1,710,000. Actual direct labor costs for the year were $735,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows: Work-in-process inventory Finished goods inventory Cost of goods sold Required: Prepare an entry to allocate the over- or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No A Transaction $ 33,810 $ 270,480 $ 1,386,210 1 Answer is not complete. General Journal Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead Applied 0000 Debit 390 3,120 15,990 Credit 19,500

01 Exercise 7-35 (Static) Prorate Over- or Underapplied Overhead (LO 7-3) Linzee Liners estimates that its manufacturing overhead will be $1,725,000 in Year 1. It further estimates that direct labor costs will amount to $750,000. During March, Linzee worked on four jobs with actual direct labor costs of $35,000 for Job 0301, $22,500 for Job 0302, $32,000 for Job 0303, and $16,000 for Job 0304. Actual manufacturing overhead costs for the year were $1,710,000. Actual direct labor costs for the year were $735,000. Manufacturing overhead is applied to jobs based on direct labor costs using predetermined rates. The amount of overhead applied in each of the inventory accounts at the end of Year 1 is as follows: Work-in-process inventory Finished goods inventory Cost of goods sold Required: Prepare an entry to allocate the over- or underapplied overhead. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No A Transaction $ 33,810 $ 270,480 $ 1,386,210 1 Answer is not complete. General Journal Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead Applied 0000 Debit 390 3,120 15,990 Credit 19,500

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Description: 201Exercise 7-35 (Static) Prorate Over- or Underapplied Overhead (LO 7-3)Linzee Liners estimates that its manufacturing overhead will be $1,725,000 in Year 1. It further estimates that direct labor costs willamount to $750,000. During March, Linzee

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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