Do not give image format 3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold.Note: Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.View transaction listJournal entry worksheet1Record entry to close out the Manufacturing Overhead account into Cost ofGoods Sold.Note: Enter debits before credits.Transaction1Record entryGeneral JournalClear entryDebitCreditView general Journal 0Required information[The following information applies to the questions displayed below.]The following information pertains to Trenton Glass Works for the year just ended.Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hourActual direct-labor cost: 80,000 hours at $17.50 per hourBudgeted manufacturing overhead: $997,500Actual selling and administrative expenses: $438,000Actual manufacturing overhead:DepreciationProperty taxesIndirect laborSupervisory salariesUtilitiesInsurance.Rental of spaceIndirect material (see data below)Indirect material:Beginning inventory, January 11Purchases during the year.Ending inventory, December 312. Calculate the overapplied or underapplied overhead for the year.Note: Round your intermediate calculations to 2 decimal places.$ 231,00021,00081,000201,00057,00033,000300,00077,00047,00094,00064,000

Any differences between the applied and actual overhead are documented at the end of the term. There…

3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. Note: Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event select

3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. Note: Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event select

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Question

Do not give image format

3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold.
Note: Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.
View transaction list
Journal entry worksheet
1
Record entry to close out the Manufacturing Overhead account into Cost of
Goods Sold.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal

0
Required information
[The following information applies to the questions displayed below.]
The following information pertains to Trenton Glass Works for the year just ended.
Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour
Actual direct-labor cost: 80,000 hours at $17.50 per hour
Budgeted manufacturing overhead: $997,500
Actual selling and administrative expenses: $438,000
Actual manufacturing overhead:
Depreciation
Property taxes
Indirect labor
Supervisory salaries
Utilities
Insurance.
Rental of space
Indirect material (see data below)
Indirect material:
Beginning inventory, January 11
Purchases during the year.
Ending inventory, December 31
2. Calculate the overapplied or underapplied overhead for the year.
Note: Round your intermediate calculations to 2 decimal places.
$ 231,000
21,000
81,000
201,000
57,000
33,000
300,000
77,000
47,000
94,000
64,000

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A company estimates its manufacturing overhead will be $750,000 for the next year. What is the predetermined overhead rate given the following independent allocation bases? Budgeted direct labor hours: 60,000 Budgeted direct labor expense: $1,500,000 Estimated machine hours: 100,000
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
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The following information pertains to Trenton Glass Works for the year just ended.Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hourActual direct-labor cost: 80,000 hours at $17.50 per hourBudgeted manufacturing overhead: $997,500Actual selling and administrative expenses: 433,000 Actual manufacturing overhead: Depreciation $ 234,000 Property taxes 23,000 Indirect labor 80,000 Supervisory salaries 202,000 Utilities 58,000 Insurance 30,000 Rental of space 301,000 Indirect material (see data below) 79,000 Indirect material: Beginning inventory, January 1 48,000 Purchases during the year 94,000 Ending inventory, December 31 63,000 2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.)
The following information pertains to Trenton Glass Works for the year just ended.Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hourActual direct-labor cost: 80,000 hours at $17.50 per hourBudgeted manufacturing overhead: $997,500Actual selling and administrative expenses: 433,000 Actual manufacturing overhead: Depreciation $ 234,000 Property taxes 23,000 Indirect labor 80,000 Supervisory salaries 202,000 Utilities 58,000 Insurance 30,000 Rental of space 301,000 Indirect material (see data below) 79,000 Indirect material: Beginning inventory, January 1 48,000 Purchases during the year 94,000 Ending inventory, December 31 63,000 Compute the firm’s predetermined overhead rate, which is based on direct-labor hours. (Round your answer to 2 decimal places.)
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please answer do not image .
Below is the selected information for a company for last year $270,000 45,000 Budgeted fixed manufacturing overhead cost Denominator activity (machine-hours) Standard machine-hours allowed per unit Actual number of units produced Underapplied fixed manufacturing overhead 3 14,000 $15,700 Actual fixed cost for last year was: O 236,300 O 267,700 O 285,700 O 254,300 Next > < Prev 20 of 23 : Air
Please help me with required 1 and required 2 and required 3 I will give upvote thanku
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