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Patel incur the following Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to (Click the icon to view the costs) Pate's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $410,000, not the $475,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $630,000. The manufacturing overhead allocated to jobs was $452,000 Read the requirements Requirement 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. (Record debits first, then credits. Exclude explanations from any joumal entries) Journal Entry Date Accounts Manufacturing Overhead Accumulated Depreciation-Plant and Equipment Property Tax Payable Wages Payable Debit Credit Data table $70,000 Manufacturing overhead costs Direct labor cost $ 1,300.000 Machine hours 71.250 At the end of the year, the company had actually incurted the following Direct labor cost $1.240,000 Depreciation on manufacturing plant and equipment Property taxes on plant 475.000 18,000 Sales salaries 20.500 13,000 Delivery drivers' wages Plant janitors' wages Machine hours S 10.000 56.500 hours $ S

Patel incur the following Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to (Click the icon to view the costs) Pate's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $410,000, not the $475,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $630,000. The manufacturing overhead allocated to jobs was $452,000 Read the requirements Requirement 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. (Record debits first, then credits. Exclude explanations from any joumal entries) Journal Entry Date Accounts Manufacturing Overhead Accumulated Depreciation-Plant and Equipment Property Tax Payable Wages Payable Debit Credit Data table $70,000 Manufacturing overhead costs Direct labor cost $ 1,300.000 Machine hours 71.250 At the end of the year, the company had actually incurted the following Direct labor cost $1.240,000 Depreciation on manufacturing plant and equipment Property taxes on plant 475.000 18,000 Sales salaries 20.500 13,000 Delivery drivers' wages Plant janitors' wages Machine hours S 10.000 56.500 hours $ S

FINANCIAL ACCOUNTING
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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6 Patel Foundry uses a incur the following predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to (Click the loon to view the costs) Patel's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $410,000, not the $475,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $630,000. The manufacturing overhead allocated to jobs was $452.000 Read the requirements Requirement 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Manufacturing Overhead Accumulated Depreciation-Plant and Equipment Property Tax Payable Wages Payable Accounts Get more help. Debit Credit Data table $ 570,000 $1,300,000 71,250 At the end of the year, the company had actusly incurred the following Direct labor cost Depreciation on manufacturing plant and equipment Manufacturing overhead costs Direct labor cost Machine hours Property taxes on plant Sales salaries Delivery drivers' wages Plant janitors' wages Machine hours $1,240,000 475.000 10,000 S 26,500 $ 13,000 S 10.000 56.500 hours
Transcribed Image Text:6 Patel Foundry uses a incur the following predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to (Click the loon to view the costs) Patel's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $410,000, not the $475,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $630,000. The manufacturing overhead allocated to jobs was $452.000 Read the requirements Requirement 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Manufacturing Overhead Accumulated Depreciation-Plant and Equipment Property Tax Payable Wages Payable Accounts Get more help. Debit Credit Data table $ 570,000 $1,300,000 71,250 At the end of the year, the company had actusly incurred the following Direct labor cost Depreciation on manufacturing plant and equipment Manufacturing overhead costs Direct labor cost Machine hours Property taxes on plant Sales salaries Delivery drivers' wages Plant janitors' wages Machine hours $1,240,000 475.000 10,000 S 26,500 $ 13,000 S 10.000 56.500 hours
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