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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
Transcribed Image Text: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
[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 manager knows 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. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 170,000 75,000 80,000 0 Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: 15,000 3,000 Labor time ticket 53: Labor time ticket 54: 218,000 115,000 60,000 $ 736,000 Credit $ 17,000 25,000 50,000 271,000 373,000 These 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 labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost.
Transcribed Image Text:[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 manager knows 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. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 170,000 75,000 80,000 0 Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: 15,000 3,000 Labor time ticket 53: Labor time ticket 54: 218,000 115,000 60,000 $ 736,000 Credit $ 17,000 25,000 50,000 271,000 373,000 These 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 labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 200% of direct labor cost.
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