Please do not give image format and solve all required Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 4Compute the underapplied or overapplied overhead.Show Transcribed TextRequired 3Complete this question by entering your answers in the tabs below.View transaction listRequired 1 Required 2Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate Journal entry.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)Journal entry worksheet<Required 3 Required 4Record the entry to close the balance in the manufacturing overhead accountto the cost of goods sold account.Note: Friter debits before creditsEventShow Transcribed TextView transaction listGeneral JournalComplete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3 Required 4Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, andCost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entryrequired in the first account field.)Journal entry worksheetNote: Enter debts before credits.EventRequired 1Required 2 >Record the allocation of the underapplied/overapplied overhead to variousaccountsGeneral JournalShow Transcribed TextDebit CreditRequired 2 Required 3Required 4Complete this question by entering your answers in the tabs below.Debit CreditNot operating income will beoverhead is allocated rather than closed entirely to cost of goods sold.cHow much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work inProcess, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?the Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and appliesmanufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a costformula that estimates $651,000 of total manufacturing overhead for an estimated activity level of 93,000 machine-hours.During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in thecompany's warehouse. The company's cost records revealed the following actual cost and operating data for the year:Machine-hoursManufacturing overhead costInventories at year-end:Raw materialsWork in process (includes overhead applied of $41,440)Finished goods (includes overhead applied of $98,420)Cast of goods sold (includes overhead applied of $378,140)74,000$ 618,000$ 11,000$ 146,400$ 347,700$ 1,335,900Required:1. Compute the underapplied or overapplied overhead.2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journalentry.3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods,and Cost of Goods Sold. Prepare the appropriate journal entry.4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process.Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold?

Name: Please do not give image format and solve all required Complete this q
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Please do not give image format and solve all required Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 4Compute the underapplied or overapplied overhead.Show Transcribed TextRequired 3Complete this ques