8.11Latta Company provided the following T-accounts for this year.(a)BalanceManufacturing Overhead486,144 (b)81,024DebitCost of Goods SoldDebitCredit662,000Credit405,120Entry(a)(b)(c)(d)$ 24,48062,880317,760$ 405,120DebitRequired 1 Required 2 Required 3BalanceIdentify reasons for entries (a) through (d).(b)BalanceWork in ProcessReason10,880 (c)298,50090,500405, 12051,000Work in Process, endingFinished Goods, endingCost of Goods SoldOverhead appliedFor example, of the $51,000 ending balance in work in process, $24.480 was applied overhead.Complete this question by entering your answers in the tabs below.Credit754,000(d)The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of theyear as follows:Balance(c)BalanceDebitRequired:1. Identify reasons for entries (a) through (d).2. Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry.3. Assume underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of GoodsSold. Prepare the necessary journal entry.Finished Goods< Prey39,000 (d)754,000131,000Credit7 of 8662,000www4

Name: 8.11Latta Company provided the following T-accounts for this year.(a)
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Description: 8.11Latta Company provided the following T-accounts for this year.(a)BalanceManufacturing Overhead486,144 (b)81,024DebitCost of Goods SoldDebitCredit662,000Credit405,120Entry(a)(b)(c)(d)$ 24,48062,880317,760$ 405,120DebitRequired 1 Required 2 Requir

Overhead Cost -The ongoing expenses of a business that are not directly associated with producing…

Business

Accounting

Latta Company provided the following T-accounts for this year. Manufacturing Overhead 486,144 (b) 81,024 Debit (a) Balance Cost of Goods Sold Debit + 662,000 Credit Credit Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied 405,120 Debit $ 24,480 62,880 317,760 $ 405,120 Balance (b) Balance Work in Process 10,880 (c) 298,500 90,500 405,120 51,000 Credit 754,000 Debit Balance (c) Balance Finished Goods 39,000 (d) 754,000 131,000 (d) The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Credit 662,000

Latta Company provided the following T-accounts for this year. Manufacturing Overhead 486,144 (b) 81,024 Debit (a) Balance Cost of Goods Sold Debit + 662,000 Credit Credit Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied 405,120 Debit $ 24,480 62,880 317,760 $ 405,120 Balance (b) Balance Work in Process 10,880 (c) 298,500 90,500 405,120 51,000 Credit 754,000 Debit Balance (c) Balance Finished Goods 39,000 (d) 754,000 131,000 (d) The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Credit 662,000

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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