2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over-orunderapplied overhead.2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold.Complete this question by entering your answers in the tabs below.Req 2AReq 2BIn Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- orunderapplied overhead.Actual overhead (given)Factory Overhead [The following information applies to the questions displayed below.]Bergo Bay's accounting system generated the following account balances on December 31. The company's managerknows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory,and the accrued factory payroll (Factory Wages Payable) has not been recorded.CashAccounts receivableRaw materials inventoryWork in process inventoryFinished goods inventoryPrepaid rentAccounts payableNotes payableCommon stockRetained earnings (prior year)SalesCost of goods soldFactory overheadGeneral and administrative expensesTotalsDebit$ 170,00075,00080,0000Materials requisition 10:Materials requisition 11:Materials requisition 12:Labor time ticket 52:15,0003,000Labor time ticket 53:Labor time ticket 54:218,000115,00060,000$ 736,000Credit$ 17,00025,00050,000271,000373,000These six documents must be processed to bring the accounting records up to date.$ 736,000$ 10,200 direct materials to Job 402$ 18,600 direct materials to Job 404$ 5,600 indirect materials$36,000 direct labor to Job 402$ 23,800 direct labor to Job 404.$ 8,200 indirect laborJobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost.

A T-account is an informal term for a set of financial records that use double-entry bookkeeping. It…

2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over-or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req 2A Req 2B In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. Actual overhead (given) Factory Overhead

2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over-or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Req 2A Req 2B In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. Actual overhead (given) Factory Overhead

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The entry to record actual manufacturing overhead incurred in a processing department would include a: a) credit to manufacturing overhead b) debit to work in process inventory c) credit to work in process inventory d) debit to manufacturing overhead
Which of the following statements is true? (You may select more than one answer.)a. The Manufacturing Overhead account is debited when manufacturing overhead isapplied to Work in Process.b. Job cost sheets accumulate the actual overhead costs incurred to complete a job.c. When products are transferred from work in process to finished goods it results ina debit to Finished Goods and a credit to Work in Process.d. Selling expenses are applied to production using a predetermined overhead ratethat is computed at the beginning of the period.
Multiple choice
2. The entry to assign the costs of indirect labor for the janitor responsible for cleaning the factory where a manufacturer makes cars would include a debit to which account? O manufacturing overhead O work-in-process inventory O finished goods inventory Owages payable
The journal entry for adjustment of underallocated manufacturing overhead includes a: A) credit to Finished Goods Inventory. B) credit to Manufacturing Overhead. C) debit to Work-in-Process Inventory. D) credit to Cost of Goods Sold.
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Please help me with all answers thanku
Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
In the Excel, or spreadsheet, approach to recording financial transactions, the Manufacturing Overhead account is used to record two things-all actual overhead expenses and the amount of manufacturing overhead applied to production using the predetermined overhead rate. True or False True False
Concepts and terminology From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences: Materials for use in production are called (supplies, materials inventory). An example of factory overhead is (electricity used to run assembly line, CEO salary).
Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare thenecessary journal entry.