Required Information Exercse 3-34 Overapplied or Underappled Overhead (LO 34, 3-5) (The following information appies to the questions displayed befow. The following Information pertalns to Trenton Glass Works for the year Just ended. Budgeted direct-Habor cost 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manutacturing overhead: $997,500 Actual selling and administrative expenses: 437,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 $234, 800 21,800 81, 000 201, 000 59,000 31, 000 301,000 79,000 49,000 94,000 64, 000 Exercise 3-34 Part 3 B. Prepare a journal entry to close out the Manufacturing Overhead account Into Cost of Goods Sold. (Round ntermedlate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.) View transaction list
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
![Required Information
Exercse 3-34 Overappled or Underapplled Overhead (LO 3-4, 3-5)
The following nformation apples to the questions displayed befow.]
The following Information pertalns to Trenton Glass Works for the year Just ended.
Budgeted direct-Habor cost 75,000 hours (practical capacity) at $16 per hour
Actual direct-labor cost 80,000 hours at $17.50 per hour
Budgeted manufacturing overhead: $997,500
Actual selling and administrative expenses 437,000
Actual manufacturing overhead:
Depreciation
Property taxes
Indirect labor
Supervisory salaries
Utilities
Insurance
Rental of space
Indirect material (see data
below)
Indirect material:
Beginning inventory, January
1.
Purchases during the year
Ending inventory, December 31
$234,000
21,800
81, 000
201,000
59,000
31,000
301,000
79,000
49,000
94,000
64,000
Exercise 3-34 Part 3
3. Prepare a journal entry to close out the Manufacturing Overhead account Into Cost of Goods Sold. (Round
Intermedlate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No Journal entry
required" In the first account fleld.)
View transaction list
Journal entry worksheet
1
Record entry to close out the Manufacturing Overhead
account into Cost of Goods Sold.
Note: Enter debits before credits.
Transaction
General Journal
| Debit
Credit
Record entry
View general jaurnal
Clear entry](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F25e12c03-6b3d-46b6-9a8d-b64498a29bad%2F6bad54aa-c4e8-407d-9d4b-ab6c38786c98%2Fz66akhw_processed.jpeg&w=3840&q=75)
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