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(Solved) Exercise 3-16 Applying Overhead; Journal Entries; Dispusition of Underapplled or Overapplied Ovemead [L03-4. L035, L03-7 The loiiowing intbnnaiipn is...


PROBLEM.png2.Assume that the company closes any balance in the manufacturing overhead account directly 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.)

       

        3.Assume instead that the company allocates any balance in the manufacturing overhead account to the other accounts in proportion to the overhead applied during the year that is in the ending balance in each account. 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.)

Exercise 3-16 Applying Overhead; Journal Entries; Dispusition of Underapplled or Overapplied Ovemead [L03-4. L035, L03-7 The loiiowing intbnnaiipn is taken irorri the accounts oi Lana Company. The entries in the Traccoums are
summaries ol Ihelransaclions that aflecled those accounts duringlhe year, Manuiaeiuiing Ovemead Wadi in Flues:
353,000 437,000 Eai 104,800 (:2) 737,700
210,600
114,800
(b) 437,000
Eai 79,500
Finished Goods Costa! Goods Sold
155,000 343,700 (d) 843 700 787,7flfl The overhead that had been appliedio pmducliun dunnglhe year is disinbmed arrierigihe ending baiances
in the accounts as ioliows: Work in process, ending 3 39,330 Finished goods, ending 76,660
Cast 0! goods Soid Mini“ Overhead apuiied $ 431%“ For exampie, oi the 579,500 ending balance in work in process, $39,330 was overhead that had been
applied during the year

 


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