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Prepare a journal entry to close out the balance in the Manufacturing Overhead account and prorate the balance to the three manufacturing accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Prepare a journal entry to close out the balance in the Manufacturing Overhead account and prorate the balance to the three manufacturing accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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Sweet Tooth Confectionary incurred $155,000 of manufacturing overhead costs during the year just ended. However, only $145,000 of overhead was applied to production. At the conclusion of the year, the following amounts of the year’s applied overhead remained in the various manufacturing accounts.

Prepare a journal entry to close out the balance in the Manufacturing Overhead account and prorate the balance to the three manufacturing accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

**Applied Overhead Remaining in Account on December 31** - **Work-in-Process Inventory**: $21,750 - **Finished-Goods Inventory**: $43,500 - **Cost of Goods Sold**: $79,750 This section provides details on the applied overhead remaining at the end of the accounting period on December 31. It summarizes the financial status of different inventory categories and the cost of goods sold in the account.
Transcribed Image Text:**Applied Overhead Remaining in Account on December 31** - **Work-in-Process Inventory**: $21,750 - **Finished-Goods Inventory**: $43,500 - **Cost of Goods Sold**: $79,750 This section provides details on the applied overhead remaining at the end of the accounting period on December 31. It summarizes the financial status of different inventory categories and the cost of goods sold in the account.
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