WIP INV RM 1,000,000 DL 3,000,000 MOH 4,000,000 MFG OH 150,000 FG INV 500,000 COGS RM 2,500,000 RM DL 2,500,000 MOH 3,000,000 DL 8,500,000 MOH 14,000,000 It is the end of the fiscal year for Sophco. The company applies Manufacturing Overhead to its inventory and cost of goods sold using a normal costing system and a predetermine overhead rate. At the end of the year the following balances are in the inventory, cost of good sold and manufacturing overhead accounts. WIP INV FG INV COGS RM 1,000,000 RM 500,000 RM 2,500,000 DL 3,000,000 DL DL 2,500,000 8,500,000 MO MO MO H 4,000,000 H 3,000,000 H 14,000,000 MFG OH 150,000 Required: ©Copyrighted by Richard S. Claire 6/14/2020. All rights reserved. Page 5 of <#> Using the proration method, prorate the $150,000 of over applied manufacturing overhead to each account and enter the amounts into the "T" accounts above.
WIP INV RM 1,000,000 DL 3,000,000 MOH 4,000,000 MFG OH 150,000 FG INV 500,000 COGS RM 2,500,000 RM DL 2,500,000 MOH 3,000,000 DL 8,500,000 MOH 14,000,000 It is the end of the fiscal year for Sophco. The company applies Manufacturing Overhead to its inventory and cost of goods sold using a normal costing system and a predetermine overhead rate. At the end of the year the following balances are in the inventory, cost of good sold and manufacturing overhead accounts. WIP INV FG INV COGS RM 1,000,000 RM 500,000 RM 2,500,000 DL 3,000,000 DL DL 2,500,000 8,500,000 MO MO MO H 4,000,000 H 3,000,000 H 14,000,000 MFG OH 150,000 Required: ©Copyrighted by Richard S. Claire 6/14/2020. All rights reserved. Page 5 of <#> Using the proration method, prorate the $150,000 of over applied manufacturing overhead to each account and enter the amounts into the "T" accounts above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:WIP INV
RM 1,000,000
DL 3,000,000
MOH 4,000,000
MFG OH
150,000
FG INV
500,000
COGS
RM 2,500,000
RM
DL
2,500,000
MOH
3,000,000
DL 8,500,000
MOH 14,000,000
Transcribed Image Text:It is the end of the fiscal year for Sophco. The company applies Manufacturing
Overhead to its inventory and cost of goods sold using a normal costing
system and a predetermine overhead rate. At the end of the year the following
balances are in the inventory, cost of good sold and manufacturing overhead
accounts.
WIP INV
FG INV
COGS
RM 1,000,000
RM
500,000
RM
2,500,000
DL
3,000,000
DL
DL
2,500,000
8,500,000
MO
MO
MO
H
4,000,000
H
3,000,000
H
14,000,000
MFG OH
150,000
Required:
©Copyrighted by Richard S. Claire 6/14/2020. All rights reserved.
Page 5 of <#>
Using the proration method, prorate the $150,000 of over applied
manufacturing overhead to each account and enter the amounts into the "T"
accounts above.
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