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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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The united states maintained its military superiority with a defense budget larger than the next __________ biggest military pow
Luden [163]

The united states maintained its military superiority with a defense budget larger than the next china's biggest military powers combined. group of answer choices.

The United States spends more on defense than China, India, Russia, Britain, Saudi Arabia, Germany, France, Japan, and South Korea combined.

The United States leads the ranking of countries with the highest military spending in 2021 with US$801 billion. This accounted for 38% of total global military spending that year, totaling $2.1 trillion.

This increase has outpaced the growth of other countries' spending, and as a result, the United States now spends more on defense than the next nine countries combined (the next 11 countries in 2020 compared to the total).

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5 0
2 years ago
You buy a $10,000 par treasury bill at $9,575 and sell it 60 days later for $9,675. what was your ear?
Dahasolnce [82]
To find the EAR:

EAR = (sold price/purchase price)^(days in year/days you had it) -1
EAR = (9,675/9,575)^(365/60)-1
EAR = .06524 

Then to make the decimal a percentage multiply the answer by 100.
EAR = .06524(100)
EAR - 6.52%
5 0
3 years ago
Read 2 more answers
Pharoah Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $390,600. The estimated fair
BabaBlast [244]

Answer:

Land = 65100.001

Building = 238699.999

Equipment = 86799.99

Explanation:

Total Asset Fair Value = Land + Building + Equipment

Total Asset Fair Value = $74,400+$272,800+$99,200

Total Asset Fair Value = $446400

Recorder Amount

Land = $74,400/$446400 * $390,600

Land = 65100.001

Building = $272,800/$446400 * $390,600

Building = 238699.999

Equipment = $99,200/$446400 * $390,600

Equipment = 86799.99

3 0
3 years ago
Detailing's cost formula for its materials and supplies is $2,060 per month plus $12 per vehicle. For the month of August, the c
OverLord2011 [107]

Answer:

Planning budget amount = $3,052.00

Explanation:

<em>The planning budget is als0 known as the </em><em>fixed budge</em><em>t . It is the budget prepared for the original level of activity intended or  planned for. As it's name implies, it is used for  planning purpose.</em>

For the month of August, the planning budget

= $2060 + ($12 × 86)

=  $3,052.00

Planning budget amount = $3,052.00

5 0
3 years ago
Read 2 more answers
The formal or informal societal rules that specify or prohibit certain behaviors in specific situations are called ______.
babymother [125]

Answer:

social norms

Explanation:

Social norms can be seen as mutual depictions of appropriate social behavior as well as internal opinions of specific group behavior. Norms can be seen as cultural ideas (including principles, traditions, and rituals) that serve a basic understanding of what others practice and believe that they ought to be doing.

Social norms are, if seen as a societal viewpoint, informal interpretations which regulate the actions of people in a society. In response to religious or community expectations, behavioral economics acknowledges smaller group structures (such as a team or perhaps a department) can also accept norms independently.

6 0
3 years ago
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