For example, of the $134,000 ending balance in Work in Process, $50,000 was over

Question

For example, of the $134,000 ending balance in Work in Process, $50,000 was overhead applied
during the year.

1.

The company allocates any balance in the Manufacturing Overhead account to the other accounts in proportion to the overhead applied during the year that is in the ending balance in each account. Prepare the necessary journal entry.

For example, of the $134,000 ending balance in Work in Process, $50,000 was overhead applied
during the year.

1.

The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year Manufacturing Overhead 452,000 (b) 500,000 Bal 48,000 Work in Progress Bal (c) 850,000 123,00 228,000 133,000 500,000 Bal 134,000 Finished Goods Bal (d) 901,000 187,00 850,000 Bal 136,000 Cost of Goods Sold 901,000 The overhead applied to production during the year is distributed among the ending balances in the accounts as follows Work in Process, ending Finished Goods, ending Cost of Goods Sold $ 50,000 75,000 375,000 Overhead applied $500,000

Explanation / Answer

Prepare necessary journal entry :

Date accounts & explanation debit credit Manufacturing overhead 48000 Work in process a/c 4800 FInished goods a/c 7200 Cost of goods sold a/c 36000 (To record over applied overhead)

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