In its first year of operation, Oriole Printing Shop estimated manufacturing overhead costs and activity in...
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In its first year of operation, Oriole Printing Shop estimated manufacturing overhead costs and activity in order to determine a predetermined overhead rate. At year end, March 31, overhead was over-applied by $3,400. It has been decided this over-applied overhead is material at the end of the year and the amount should be allocated among work in process 13%, finished goods 26%, and the rest to the cost of goods sold. Prepare the adjusting entry to close out the over-applied overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 I Debit Credit In its first year of operation, Oriole Printing Shop estimated manufacturing overhead costs and activity in order to determine a predetermined overhead rate. At year end, March 31, overhead was over-applied by $3,400. It has been decided this over-applied overhead is material at the end of the year and the amount should be allocated among work in process 13%, finished goods 26%, and the rest to the cost of goods sold. Prepare the adjusting entry to close out the over-applied overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 I Debit Credit
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From the given information we are asked to prepare an adjusting journal entry for Oriole Printing Sh... View the full answer
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
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