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Pie
1 year ago
10

The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transa

ctions that affected those accounts during the year.
The overhead that had been applied to production during the year is distributed among the ending balances in the accounts as follows:
For example, of the 40,000 ending balance in Work in Process, 19,500 was overhead that had been applied during the year.
(b) Assume that the company closes any balance in the Manufacturing Overhead account directly to Cost of Goods Sold. Prepare the necessary journal entry.
Business
1 answer:
Luba_88 [7]1 year ago
4 0

Recall that all the inventory accounts and the Cost of Goods Sold expense account have normal credit balances, so they all increase on the debit side and decrease on the credit side.

Actual manufacturing cost for the,

manufacturing overhead applied to Work in process,

Cost of goods manufactured for the year        

cost of goods sold for the year

The manufacturing overhead control account has a debit balance because the actual overhead is more than the applied overhead. The journal entry must zero the control account.          

               

Journal Entry            

 General Journal                                Debit       Credit  

 Cost of goods sold                             70,000    

 Manufacturing overhead                                      70,000  

               

               

 Work in process (70000*19500)/390000 3500    

 Finished goods (70000*58500)/390000 10500    

 cost of goods sold (70000*312000)/390000 56000    

 manufacturing overhead                70,000.

Learn more about Journal entries here:-brainly.com/question/28390337

#SPJ4

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6 0
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