Homework Answers
1) identify
| a) | Actual manufacturing overhead |
| b) | Applied overhead |
| c | Cost of goods manufactured |
| d | Cost of goods sold |
2)Journal entry
| Date | account and explanation | debit | credit |
| Cost of goods sold (395520-474624) | 79104 | ||
| Manufacturing overhead | 79104 | ||
| (To record under applied overhead) |
3)Journal entry
| Date | account and explanation | debit | credit |
| Work in process (22080/395520)*79104 | 4416 | ||
| Finished goods (60480/395520)*79704 | 12096 | ||
| Cost of goods sold | 62592 | ||
| Manufacturing overhead | 79104 | ||
| (To record under applied overhead) |
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Required 1Required 2 Required 3 Identify reasons for entries (a) through (d) Entry Reason (a) Actual...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 474,624 (b) 395,520 Bal. 79,194 Bal. Work in Process 15,480(c) 734,000 281,000 88,000 395,520 46,000 Finished Goods Bal. 44,000 (d) 652,000 (0) 734,000 Bal. 126,000 (b) Bal. Cost of Goods Sold 652,000 (d) The overhead that had been applied to production during the year is distributed among Work in...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Work in Process Finished Goods 479,232 b) 399,360 Bal 13.640 (e) 742,000 Bal. 42,000(d) 656,000 79,872 288.000 le) 742.000 89,000 Bal. 128,000 399,360 49,000 Cost of Goods Sold (d) 656,000 Bal. The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods,...
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The...
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 460,000 (b) 390,000 Bal. 70,000 Bal. Work in Process 15,000 (c) 710,000 260,000 85,000 390,000 40,000 Bal. (c) Bal. Finished Goods 50,000(d) 640,000 710,000 120,000 (b) Bal. Cost of Goods Sold 640,000 (d) The...
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The...
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 479,232 (b) 399,360 Bal. 79,872 Work in Process Bal. 13,640 (c) 742,000 288,000 89,000 (b) 399,360 Bal. 48,000 Finished Goods Bal. 42,000 (d) 656,000 (c) 742,000 Bal. 128,000 Cost of Goods Sold (d) 656,000...
Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4]...
Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. (a) Manufacturing Overhead 483,840 (6) 403,200 80,640 Bal. 750,000 660,000 Work in Process 11,800 (c) 295,000 90,000 403, 200 50,000 Finished Goods 40,000 (d) 750,000 130,000 Bal (c) Bal. Bal. (b) Bal. Cost of Goods Sold...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Work in Process Finished Goods 470,016 Kb) 391,680 Bal 17,320 (0) 726,000 Bal. 46,000 (d) 648,000 Bal. 78,336 274,000 (c) 726 000 87,000 Bal. 124,000 391,680 Bal. 44,000 Cost of Goods Sold (d) 648,000 The overhead that had been applied to production during the year is distributed among Work in...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 467,712(b) 389,760 Bal. 77,952 Bal. Work in Process 18,240 (0) 722,000 270,500 86,500 389,760 43,000 Bal. (c) Bal. Finished Goods 47,000 (d) 646,000 722,880 123,000 (b) Ral (d) Cost of Goods Sold 646,000 The overhead that had been applied to production during the year is distributed among Work in...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of t...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing overhead Hork in Process Finished Goods (a) 506,880 (b)422,400 2,600 (c)790,000 330,000 95,000 Bal. () 790,000 Bal.140,000 Bal 30,000 (d) 680,000 Bal. 84,480 (b) 422,400 Bal. 60,000 Cost of Goods Sold (d) 680,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead 497,664(b) 414,720 Bal. 82,944 (a) Bal. (b) Bal. Work in Process 6,280 (c) 774,000 316,000 93,000 414,720 56,000 Cost of Goods Sold 672,000 ces Finished Goods 34,000 (d) 672,000 774,000 136,000 Bal. (c) Bal. (d) The overhead that had been applied to production during the year is distributed among Work...
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4) The...
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4) The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. (b) Manufacturing Overhead Work in Process Finished Goods (a) 460,000 (b) 390,000 Bal. 15,000 (c) 710,000 Bal. 50,000 (d) 640,000 Bal. 70,000 260,000 (c) 710,000 85,000 Bal. 120,000 390,000 Bal. 40,000 Cost of Goods Sold (d) 640,000...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 474,624 (b) 395,520 Bal. 79,194 Bal. Work in Process 15,480(c) 734,000 281,000 88,000 395,520 46,000 Finished Goods Bal. 44,000 (d) 652,000 (0) 734,000 Bal. 126,000 (b) Bal. Cost of Goods Sold 652,000 (d) The overhead that had been applied to production during the year is distributed among Work in...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Work in Process Finished Goods 479,232 b) 399,360 Bal 13.640 (e) 742,000 Bal. 42,000(d) 656,000 79,872 288.000 le) 742.000 89,000 Bal. 128,000 399,360 49,000 Cost of Goods Sold (d) 656,000 Bal. The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods,...
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 460,000 (b) 390,000 Bal. 70,000 Bal. Work in Process 15,000 (c) 710,000 260,000 85,000 390,000 40,000 Bal. (c) Bal. Finished Goods 50,000(d) 640,000 710,000 120,000 (b) Bal. Cost of Goods Sold 640,000 (d) The...
Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. (a) Manufacturing Overhead 483,840 (6) 403,200 80,640 Bal. 750,000 660,000 Work in Process 11,800 (c) 295,000 90,000 403, 200 50,000 Finished Goods 40,000 (d) 750,000 130,000 Bal (c) Bal. Bal. (b) Bal. Cost of Goods Sold...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Work in Process Finished Goods 470,016 Kb) 391,680 Bal 17,320 (0) 726,000 Bal. 46,000 (d) 648,000 Bal. 78,336 274,000 (c) 726 000 87,000 Bal. 124,000 391,680 Bal. 44,000 Cost of Goods Sold (d) 648,000 The overhead that had been applied to production during the year is distributed among Work in...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 467,712(b) 389,760 Bal. 77,952 Bal. Work in Process 18,240 (0) 722,000 270,500 86,500 389,760 43,000 Bal. (c) Bal. Finished Goods 47,000 (d) 646,000 722,880 123,000 (b) Ral (d) Cost of Goods Sold 646,000 The overhead that had been applied to production during the year is distributed among Work in...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing overhead Hork in Process Finished Goods (a) 506,880 (b)422,400 2,600 (c)790,000 330,000 95,000 Bal. () 790,000 Bal.140,000 Bal 30,000 (d) 680,000 Bal. 84,480 (b) 422,400 Bal. 60,000 Cost of Goods Sold (d) 680,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead 497,664(b) 414,720 Bal. 82,944 (a) Bal. (b) Bal. Work in Process 6,280 (c) 774,000 316,000 93,000 414,720 56,000 Cost of Goods Sold 672,000 ces Finished Goods 34,000 (d) 672,000 774,000 136,000 Bal. (c) Bal. (d) The overhead that had been applied to production during the year is distributed among Work...
Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4) The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. (b) Manufacturing Overhead Work in Process Finished Goods (a) 460,000 (b) 390,000 Bal. 15,000 (c) 710,000 Bal. 50,000 (d) 640,000 Bal. 70,000 260,000 (c) 710,000 85,000 Bal. 120,000 390,000 Bal. 40,000 Cost of Goods Sold (d) 640,000...
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