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At the end of the year the Overhead account has debits totaling $17,300 and credits totaling $11,200. Inventory accounts at year end have the
At the end of the year the Overhead account has debits totaling $17,300 and credits totaling $11,200. Inventory accounts at year end have the following balances: Raw Materials: $16,090 Work in Process: $17,540 Finished Goods: $19,560 Cost of Goods Sold: $70,370 The company is about to do the journal entry to close out the Overhead account. They consider any amount of over/under-applied overhead to be Material. Enter the dollar amounts of this journal entry below. Instructions for entering your answer: Input code: 0 For any intermediate calculations, use enough precision so that your final answers do not change when adding additional precision to rounding If your journal entry is out of balance by $1 due to rounding, you will not be marked wrong if the values entered are within the $1 margin of error - do not be concerned that your journal entry is technically $1 off in this situation If an account shouldn't be debited OR credited, enter zeros for both the debit and the credit If an account should only be debited, enter the amount for the debit AND a zero for the credit If an account should only be credited, enter the amount for the credit AND a zero for the debit All input boxes should have a value entered (even if just a zero) before submitting your answer Journal entry to close overhead: Account Debit Credit 0 0 Raw Materials Work in 0 0 Process Finished Goods 0 0 Cost of goods 0 6100 sold 6100 0 Overhead
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