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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 (a) Balance 84,096 504,576 (b) Cost of Goods Sold Debit 678,000 Credit No 420,480 $ 28,320 66,720 325,440 $ 420,480 Balance Required 1 Required 2 Required 3 Event Debit (b) Balance Work in Process 3,520 (c) 326,500 94,500 420,480 59,000 Complete this question by entering your answers in the tabs below. Credit (d) 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, ending Finished Goods, ending Cost of Goods Sold Overhead applied For example, of the $59,000 ending balance in work in process, $28,320 was overhead that had been applied during the year. Answer is not complete. General Journal 786,000 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. Finished Goods 31,000 (d) 786,000 139,000 Debit Balance (c) Balance Assume that the underapplied or overapplied overhead is closed to 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.) Debit Credit Credit 678,000

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 (a) Balance 84,096 504,576 (b) Cost of Goods Sold Debit 678,000 Credit No 420,480 $ 28,320 66,720 325,440 $ 420,480 Balance Required 1 Required 2 Required 3 Event Debit (b) Balance Work in Process 3,520 (c) 326,500 94,500 420,480 59,000 Complete this question by entering your answers in the tabs below. Credit (d) 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, ending Finished Goods, ending Cost of Goods Sold Overhead applied For example, of the $59,000 ending balance in work in process, $28,320 was overhead that had been applied during the year. Answer is not complete. General Journal 786,000 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. Finished Goods 31,000 (d) 786,000 139,000 Debit Balance (c) Balance Assume that the underapplied or overapplied overhead is closed to 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.) Debit Credit Credit 678,000

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 7E: The following data are taken from the general ledger and other records of Coral Park Production Co....
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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. (a) Balance (d) Manufacturing Overhead Credit Debit 504,576 (b) 84,096 Cost of Goods Sold Debit 678,000 No Credit 420, 480 Required 1 Required 2 Event $ 28,320 66, 720 325, 440 $ 420,480 Balance Debit (b) Balance Required 3 Work in Process Complete this question by entering your answers in the tabs below. 3,520 (c) 326,500 94,500 420, 480 59,000 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: General Journal Credit Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied For example, of the $59,000 ending balance in work in process, $28,320 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. Answer is not complete. < Required 1 786,000 Assume that the underapplied or overapplied overhead is closed to 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.) Debit Required 3 Finished Goods 31,000 (d) 786,000 139,000 Debit Balance (c) Balance > Credit Credit 678,000
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. (a) Balance (d) Manufacturing Overhead Credit Debit 504,576 (b) 84,096 Cost of Goods Sold Debit 678,000 No Credit 420, 480 Required 1 Required 2 Event $ 28,320 66, 720 325, 440 $ 420,480 Balance Debit (b) Balance Required 3 Work in Process Complete this question by entering your answers in the tabs below. 3,520 (c) 326,500 94,500 420, 480 59,000 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: General Journal Credit Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied For example, of the $59,000 ending balance in work in process, $28,320 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. Answer is not complete. < Required 1 786,000 Assume that the underapplied or overapplied overhead is closed to 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.) Debit Required 3 Finished Goods 31,000 (d) 786,000 139,000 Debit Balance (c) Balance > Credit Credit 678,000
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