Regina Company has the following balances in its overhead accounts at the end of the year: Manufacturing
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Question:
Regina Company has the following balances in its overhead accounts at the end of the year:
Manufacturing Overhead, Control Manufacturing Overhead Allocated | $ 486,000 480,000 |
The balance of several other accounts at year end are as follows:
Materials, Control Work in Process, Control Finished Goods, Control Cost of Goods Sold Sales | $ 20,000 68,000 50,000 1,200,000 2,000,000 |
Required:
- Calculate the amount of over- or under-allocated manufacturing overhead, and prorate that amount using the ending balances of the appropriate accounts from above.
- Prepare the journal entry to close the overhead accounts including your proration of the over- or under-allocated overhead from requirement #1.
Posted Date: