At the end of their fiscal year Western Industries Ltd. reported the following selected, unadjusted balances:Raw Materials Inventory - $6,000Work in Process Inventory - $62,250Finished Goods Inventory - $74,700Cost of Goods Sold - $278,050Manufacturing Overhead - $2,850 creditWestern Industries uses the proration method to eliminate any balance in Manufacturing Overhead. Which of the following is the correct journal entry to eliminate the balance in Manufacturing Overhead?Select answer from the options belowManufacturing Overhead2,850.00 Raw Materials Inventory 80.00Work in Process Inventory 415.00Finished Goods Inventory 499.00Cost of Goods Sold 1,856.00Work in Process Inventory427.50 Finished Goods Inventory513.00 Cost of Goods Sold1.909.50 Manufacturing Overhead 2,850.00Manufacturing Overhead2,850.00 Finished Goods Inventory 603.50Cost of Goods Sold 2,246.50Manufacturing Overhead2,850.00 Work in Process Inventory 427.50Finished Goods Inventory 513.00Cost of Goods Sold 1,909.50 Do not give solution in image

Manufacturing overhead means all type of indirect costs and expenses being incurred for production…

Answered: At the end of their fiscal year Western…

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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At the end of their fiscal year Western Industries Ltd. reported the following selected, unadjusted balances:
Raw Materials Inventory - $6,000
Work in Process Inventory - $62,250
Finished Goods Inventory - $74,700
Cost of Goods Sold - $278,050
Manufacturing Overhead - $2,850 credit
Western Industries uses the proration method to eliminate any balance in Manufacturing Overhead. Which of the following is the correct journal entry to eliminate the balance in Manufacturing Overhead?

Select answer from the options below

Manufacturing Overhead	2,850.00
Raw Materials Inventory		80.00
Work in Process Inventory		415.00
Finished Goods Inventory		499.00
Cost of Goods Sold		1,856.00

Work in Process Inventory	427.50
Finished Goods Inventory	513.00
Cost of Goods Sold	1.909.50
Manufacturing Overhead		2,850.00

Manufacturing Overhead	2,850.00
Finished Goods Inventory		603.50
Cost of Goods Sold		2,246.50

Manufacturing Overhead	2,850.00
Work in Process Inventory		427.50
Finished Goods Inventory		513.00
Cost of Goods Sold		1,909.50

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