The following information was reported for Gray Enterprises on December 31, 2020. Manufacturing Overhead Debit Credit 3,410 51,520 15,030   37,090   Double line4,010 Double line    A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated?       D. Prepare the adjusting entry. Journal Date Description Debit Credit Dec. 31, 20       Dec. 31, 20

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. The following information was reported for Gray Enterprises on December 31, 2020.

Manufacturing Overhead
Debit Credit
3,410 51,520
15,030  
37,090  
Double line4,010 Double line 

 

A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated?
     


D. Prepare the adjusting entry.

Journal
Date Description Debit Credit
Dec. 31, 20      
Dec. 31, 20      


2. The following information was reported for Gray Enterprises on December 31, 2021.

Manufacturing Overhead
Debit Credit
2,020 56,340
15,540  
31,920  
Double line  Double line6,860

 

A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated?
     


D. Prepare the adjusting entry.

Journal
Date Description Debit Credit
Dec. 31, 20      
Dec. 31, 20      
 
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