annswer please!
Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of machine-hours. The predetermined overhead rate was based on a cost formula that estimates $1,520,000 of total manufacturing overhead for an estimated activity level of 76,000 machine-hours. During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year. 64,000 $ 1,471,000 Machine-hours Manufacturing overhead cost Inventories at year-ends R aterials Work in process (includes overhead applied of 564,000) Finished goods (includes overhead applied of 5204,500) Cost of goods sold (includes overhead applied of 51,011,200) 14,000 90,500 $ 289,600 $ 1,429,900 Required: 1. Compute the underapplied or overapplied overhead 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods and Cost of Goods Sold Prepare the appropriate journal entry 4. How much higher or lower wil net operating income be if the underapplied or overapped overhead is allocated to Work in Process Finished Goods, and cost of Goods Sold rather than being closed to cost of Goods Sold? Complete this question by entering your answers in the tabs below. Redired 1 Required 2 Required 3 Required Compute the underapplied or overapplied overhead e acost D Required 2 > During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year 64,000 $ 1,471,00 Machine-hours Manufacturing overhead cost Inventories at year-end: Raw materials Work in process (includes overhead applied of 564,000) Finished goods (includes overhead applied of $204,800) Cost of goods sold (includes overhead applied of $1,011, 200) $ 14,000 90,500 $ 289,600 $ 1,429,900 Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate Journal entry 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold Prepare the appropriate journal entry. 4 How much higher or lower will net operating income be if the underapplied or overappiled overhead is allocated to Work in Process Finished Goods and cost of Goods Sold rather than being closed to cost of Goods Sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Event General Journal Manufacturing overhead Cost of goods sold Debit Credit formula that estimates 51,520,000 of total manufacturing overhead for an estimated activity level of 76,000 machine-hours. During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year 64,000 5 1,471,000 Nachine-hours Manufacturing overhead cost Inventories at year-end: Raw materials Work in process (includes overhead applied of 564,000) Finished goods (includes overhead applied of $204,80) Cost of goods sold (includes overhead applied of $1,011,200) 14,000 90,500 $ 289,600 $ 1,429,900 Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overappiled overhead to Cost of Goods Sold. Prepare the appropriate journal entry. 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process Finished Goods, and Cost of Goods Sold rather than being closed to cost of Goods Sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Event Debit Credit General Journal Manufacturing overhead Work in process Fished goods Seved formula that estimates $1,520,000 of total manufacturing overhead for an estimated activity level of 76,000 machine-hours. During the year, a large quantity of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year 64,000 $ 1,471,000 Machine-hours Manufacturing overhead cost Inventories at year-end: Raw materials Work in process (includes overhead applied of $64,000) Finished goods (includes overhead applied of 5204,880) Cost of goods sold (includes overhead applied of $1,011, 200) 14,000 $ 90, see $ 289,600 $ 1,429,900 Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process Finished Goods, and cost of Goods Sold rather than being closed to cost of Goods Sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required) Required How much higher or lower will net operating income be the underapplied or overapplied overhead is allocated to work in Process, Finished Goods, and cost of Goods Sold rather than being closed to Cost of Goods Sold? Required 3
