Computing Under-and Qverapelied Factory Overhoad Nalson Fabrication Inc. had a r

Question

Computing Under-and Qverapelied Factory Overhoad Nalson Fabrication Inc. had a remaining credit balance of $20,000 in its under- and overapplied factory overhead account at year-and. The balance was deemad to be large and, therafore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: $ 25,000 25,000 100,000 $150.000 Work Cost of Goods Sold a. Datermine the prorated amount of the overapplied factory overhead that is chargeable to each of the accounts. Round interim computations to FIVE dacimal points and use your rounded anwer in subsequent computations. Round your final answers to the nearest dollar. Work in Process Finished Goods Cost of Goods Sold 13333 20000

Explanation / Answer

As the first part is correctly solved, part b is as follows:

B. Entry:

If complete dollar amount is to show , then round one of them to either as 13334 or 3334.

Under and over applied factory overhead $20,000 Work in process $3,333.33 Finished good $3,333.33 Cost of good sold $13,333.33

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