: Acct 32 1: Mana, X Gen Y vs.GenZ-Google Docs 3: Hand-in Problem https//newconn

Question

: Acct 32 1: Mana, X Gen Y vs.GenZ-Google Docs 3: Hand-in Problem https//newconnect.mheducation.com/flow/connect.html e Federal Credit Investors Manageme M MSU- Current Stude nd-In Problem CampusConnection Mail - brockgreen@ ans Minot State The following Information is taken from the accounts of Latta Company. The entries in the T-accounts are summaes of the transactions that affected those accounts during the year nces The overhead that had been appted to production during the year is distributed among Work tn Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows work in vrocessenesng Finished sGeods, ending Overhead applied For example. of the $54000ending baiance in work in process. $25.920 was overhead shat hoo been appted during the year Required 1Idennty ressons for entries (a) through rd 2 Assume ter the undersopied or cversppiec overneac is closes to Cost of Goods Soid Prepare the necessary journal en 3 Assume thar the uncerspplied or averappted overmeso is ciosed proportionally to work in Process. Finsed Goods. and Cost of Goods sol Prepare the necessory journal enty Complete this question by entering your answers in the tabs below Next > ype here to search

Explanation / Answer

1 Reasons for entries a to d a Manufacturing overhead incurred of $493,056. b Manufacturing overhead applied of $410,880. c Trasferred to finished goods costing $766,000 d Cost of goods sold worth $668,000. 2 Account Title and Explanation Debit Credit Cost of goods sold 82176 Manufacturing overhead 82176 (To close underapplication of overhead) 3 Account Title and Explanation Debit Credit Cost of goods sold 64128 Finished Goods 12864 Work in Process 5184 Manufacturing overhead 82176 (To close underapplication of overhead)

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