Exercise 3-8 (Algo) Applying Overhead: Journal Entries; Disposing of Underapplied or Overapplied…

Exercise 3-8 (Algo) Applying Overhead: Journal Entries; Disposing of Underapplied or Overapplied…
Exercise 3-8 (Algo) Applying Overhead: Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4) 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 Over hond Debit Credit Xa 508, 880D 422,400 Balne 84.480 000 Work in Procon Debit Credit Balance 2000) 330,000 95.000 () 422 400 Balance 80,000 Finished Good Dobit Credit Balance 30,000 (d 1680.000 e) 790,000 Balance 140.000 Coat of Goods Sold Dobit Credit 380.000 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, ending Finished Goods ending Cost of Goods Sold nun $ 28.800 67.200 326.400 492 am 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 Identify reasons for entries (a) through (d). Entry Reason (a) Actual manufacturing overhead costs incurred for the year (b) overhead cost applied to Work in Process for the year. (c) Cost of goods manufactured for the year (d) Cost of goods sold for the year. Check my w 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 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.) View transaction list View journal entry worksheet No Event General Journal Credit Cost of goods sold 84 480 Manufacturing overhead 84,480 Debit 1 1 < required="" 1="" required="" 3=""> 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.) View transaction list View journal entry worksheet No Event Credit Debit 36,205 1 1 General Journal Work in process Finished goods Cost of goods sold Manufacturing overhead 84,480 < required="" 2="" required="" 3=""> May 16 2022 03:09 PM

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
Open chat
1
You can contact our live agent via WhatsApp! Via + 1 (409) 205-8984

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 30% with the discount code GURUH