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Required information (The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit $ 73,000 42,000 26,000 Credit Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock 6,000 2,000 $ 8,800 11,800 20, 00০ 78,000 197,400 Retained earnings (prior year) Sales Cost of goods sold Pactory overhead General and administrative expenses 102,000 26,000 39,000 Totals $ 316,000 $ 316,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 101 Materials requisition 1l: Materials requisition 121 Labor time tícket 52: Labor time ticket 53: Labor time ticket 541 $ 4,600 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,300 indirect materials $ 5,000 direet labor to Job 402 $ 15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 2A Req 28 Prepare the entry to cdose any over- or underapplied overhead to Cost of Goods Sold. View journal entry worksheet View transaction llst No Date General Journal Debit Credit December 31 No Transaction Recorded < Req 2A Reg 28

Required information (The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit $ 73,000 42,000 26,000 Credit Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock 6,000 2,000 $ 8,800 11,800 20, 00০ 78,000 197,400 Retained earnings (prior year) Sales Cost of goods sold Pactory overhead General and administrative expenses 102,000 26,000 39,000 Totals $ 316,000 $ 316,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 101 Materials requisition 1l: Materials requisition 121 Labor time tícket 52: Labor time ticket 53: Labor time ticket 541 $ 4,600 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,300 indirect materials $ 5,000 direet labor to Job 402 $ 15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 2A Req 28 Prepare the entry to cdose any over- or underapplied overhead to Cost of Goods Sold. View journal entry worksheet View transaction llst No Date General Journal Debit Credit December 31 No Transaction Recorded < Req 2A Reg 28

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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Required information (The following information applies to the questions displayed below.) Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit $ 73,000 42,000 26,000 Credit Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales 6,000 2,000 $ 8,800 11,800 20, 00০ 78,000 197,400 Cost of goods sold Pactory overhead General and administrative expensen 102,000 26,000 39,000 * 316,000 Totals $ 316,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 1l: Materials requisition 121 Labor time ticket 52: Labor time ticket 53: Labor time ticket 541 $ 4,600 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,300 indirect materials $ 5.000 direet labor to Job 402 $ 15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only Jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 2A Req 28 Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. View joumal entry worksheet View transaction llst No Date General Journal Debit Credit December 31 No Transaction Recorded < Req 2A Reg 28>
Transcribed Image Text:Required information (The following information applies to the questions displayed below.) Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory. and the accrued factory payroll (Factory Wages Payable) has not been recorded. Debit $ 73,000 42,000 26,000 Credit Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales 6,000 2,000 $ 8,800 11,800 20, 00০ 78,000 197,400 Cost of goods sold Pactory overhead General and administrative expensen 102,000 26,000 39,000 * 316,000 Totals $ 316,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 1l: Materials requisition 121 Labor time ticket 52: Labor time ticket 53: Labor time ticket 541 $ 4,600 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,300 indirect materials $ 5.000 direet labor to Job 402 $ 15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only Jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 2A Req 28 Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. View joumal entry worksheet View transaction llst No Date General Journal Debit Credit December 31 No Transaction Recorded < Req 2A Reg 28>
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 73,000 42,000 26,000 Canh Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounta payable Notes payable Common stock Retained earnings (prior year) Sales 6,000 2,000 $ 8,800 11,800 20,000 78,000 197,400 Cost of goods nold Factory overhead General and administrative expenses 102,000 26,000 39,000 $ 316,000 Totals $ 316,000 These six documents must be processed to bring the accounting records up to date. Materials requinition 10: Materials requinition 111 Materials requinition 121 Labor time ticket 521 Labor time ticket 53 Labor time ticket 54: $4,600 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,300 indirect materiala $ 5,000 direct labor to Job 402 $. 15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 In Factory Overhead T-account, enter amounts from part 1 related to factory overthead. Determine the amount of over- or underapplied overhead. Factory Ovorhead Actual overhead (given) Reg 2A Req 28 >
Transcribed Image Text:Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 73,000 42,000 26,000 Canh Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounta payable Notes payable Common stock Retained earnings (prior year) Sales 6,000 2,000 $ 8,800 11,800 20,000 78,000 197,400 Cost of goods nold Factory overhead General and administrative expenses 102,000 26,000 39,000 $ 316,000 Totals $ 316,000 These six documents must be processed to bring the accounting records up to date. Materials requinition 10: Materials requinition 111 Materials requinition 121 Labor time ticket 521 Labor time ticket 53 Labor time ticket 54: $4,600 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,300 indirect materiala $ 5,000 direct labor to Job 402 $. 15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 2A Reg 28 In Factory Overhead T-account, enter amounts from part 1 related to factory overthead. Determine the amount of over- or underapplied overhead. Factory Ovorhead Actual overhead (given) Reg 2A Req 28 >
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