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The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Debit Credit (a) Balance 84,480 506,880 (b) 422,400 Balance Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied Credit View transaction list No 1 Debit (b) Balance Cost of Goods Sold Debit (d) 680,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process Event a. 2,600 (c) 330,000 95,000 422,400 60,000 $ 28,800 67,200 326,400 $ 422,400 For example, of the $60,000 ending balance in work in process, $28,800 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Work in process Finished goods Cost of goods sold Credit 790,000 View journal entry worksheet Finished Goods Debit Credit Balance 30,000 (d) 680,000 790,000 Balance 140,000 General Journal Manufacturing overhead Debit Credit 84,480 Ⓒ

The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Debit Credit (a) Balance 84,480 506,880 (b) 422,400 Balance Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied Credit View transaction list No 1 Debit (b) Balance Cost of Goods Sold Debit (d) 680,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process Event a. 2,600 (c) 330,000 95,000 422,400 60,000 $ 28,800 67,200 326,400 $ 422,400 For example, of the $60,000 ending balance in work in process, $28,800 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Work in process Finished goods Cost of goods sold Credit 790,000 View journal entry worksheet Finished Goods Debit Credit Balance 30,000 (d) 680,000 790,000 Balance 140,000 General Journal Manufacturing overhead Debit Credit 84,480 Ⓒ

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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The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Credit Debit Balance 84,480 506,880 (b) 422,400 Balance Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied Credit View transaction list No 1 (b) Balance Work in Process Debit Event a. Credit 2,600 (c) 790,000 330,000 95,000 422,400 60,000 Complete this question by entering your answers in the tabs below. Cost of Goods Sold Debit (d) 680,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: $ 28,800 67,200 326,400 $ 422,400 Work in process Finished goods Cost of goods sold For example, of the $60,000 ending balance in work in process, $28,800 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. View journal entry worksheet Finished Goods Debit Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) General Journal 30,000 (d) 790,000 Manufacturing overhead Balance (c) Balance 140,000 Credit 680,000 Debit Credit 84,480
Transcribed Image Text:The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Credit Debit Balance 84,480 506,880 (b) 422,400 Balance Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied Credit View transaction list No 1 (b) Balance Work in Process Debit Event a. Credit 2,600 (c) 790,000 330,000 95,000 422,400 60,000 Complete this question by entering your answers in the tabs below. Cost of Goods Sold Debit (d) 680,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: $ 28,800 67,200 326,400 $ 422,400 Work in process Finished goods Cost of goods sold For example, of the $60,000 ending balance in work in process, $28,800 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. View journal entry worksheet Finished Goods Debit Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) General Journal 30,000 (d) 790,000 Manufacturing overhead Balance (c) Balance 140,000 Credit 680,000 Debit Credit 84,480
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