1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
1. In each of the following situations, identify which of the twelve principles is at work
aleksklad [387]

Answer:

a. The true cost of something in its cost of opportunity

Explanation:

Opportunity cost is the cost which is defined as the cost or expense of one item which is lost in order to get the opportunity to do or to consume something else. In simple words, it is the value or the cost of the next best available alternative.

So, when the person select to bought the textbooks through Chegg instead paying the higher price for the same books through the bookstore. Under this situation, the principle applies is the cost of something in its opportunity cost.

8 0
3 years ago
You want to buy some used textbooks from an online auction but you see they don't accept credit cards. You don't want to send th
Nataly [62]

Answer:

Online actions are not always, but many times a fraud. The Federal trade commission (FTC) warns about them in their website because a lot of people fall for them every year. If the seller doesn't accept a credit card, you can try another online payment method like PayPal, but never send cash or any check.

8 0
3 years ago
A worker received a $10,000 bonus and decided to split it among three different accounts. He placed part in a savings account pa
kotykmax [81]

Answer:

so savings = $2200

bonds = $4400

and mutual fund = $3400

Explanation:

given data

received bonus = $10,000

savings account paying = 4.5% per year

bonds paying = 5%

mutual fund that returned = 4%

income from these investments = $455

to find out

How much did the worker place in the government bonds

solution

we consider amount invested for 4.5 % is = x

and hen his investment in bonds is = 2x  for 5%

and rest is  10000- x  - 2x

that is = (10000- 3x ) for 4%

so

interest equation will be here

0.045 x + 0.05 (2x) + 0.04 (10000-3x) = 455

solve we get

x = 2200

so savings = $2200

bonds = $4400

and mutual fund = $3400

4 0
3 years ago
A ____ is a graph of decisions and their possible consequences.
Free_Kalibri [48]

decision tree

Explanation :

A decision tree is a graph of decisions and their possible consequences; it is used to create a plan to reach a goal. Decision trees are used to aid in making decisions.

6 0
3 years ago
Whether a firm has growth or value and how this firm characteristic affects an estimate of the cost of equity is called the ____
Dahasolnce [82]
It is called value factor. There are two kinds of value factor one is present value factor and second is future value factor. The business or anything in the business has their value on their own. The future value factor is used to calculate the future value of the amount per dollar of its present value. It is the amount greater than a dollar and you can see this on the table when you calculate the future value or FV. Present Value factor is based on the time and money when you borrow or it is the debt that can grow in the span of time. 
5 0
3 years ago
Other questions:
  • Greg, the president of an it company, is friends with jack, the ceo of hypertech, a company that develops and manufactures compu
    8·1 answer
  • In the advertising industry, terms such as new advertising, orchestration, and seamless communication were used to describe the
    9·1 answer
  • Do different societies require different amounts of societal resources?
    8·1 answer
  • Which of the following purposes non-potable water used for
    15·1 answer
  • Marigold Batteries is a division of Enterprise Corporation. The division manufactures and sells a long-life battery used in a wi
    7·1 answer
  • You are a marketing consultant and you have been hired to assist a client in deciding on a target marketing strategy that fits h
    8·1 answer
  • Why do Marketers segment a market?
    7·1 answer
  • Zara collects massive amounts of data on its SKUs, orders, sales patterns, store inventories, and other variables. This informat
    11·1 answer
  • The __________ element of a business process includes people or computer applications assigned to roles.
    7·1 answer
  • Economists refer to the process of proactive consumers choosing to either exit from a sale or to voice their dissatisfaction wit
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!