B15 Cost of units completed and transferred from Work in Process to Finished Goods B DE 2 Prepare T. Accounts for Work in Process and Manufacturing overhead, showing the ending balances WIP F G H 33 39 40 42 44 Mfg. OH 48 49 50 51 52 53 56 55 56 57 58 59 60 61 3. Determine the amount of overapplied or underapplied overhead (Cheor one) 4 Based on above, prepare the journal entries to adjust manufacturing overhead at the end of the period 63 64 65 66 67 68 69 70 72 Instructions 2 + Edit 13 X w Paste BIU Format Office Update To keep up to date with security updates, foces, and improvements, choose Check for Updates B15 Cost of units completed and transferred from Work in Process to Finished Goods C D F G H M During May, Sharpton Corporation recorded the following: Raw materials, beginning balance Work in proces, beginning balance Finished Goods, beginning balance $ $ 18.000 32.000 56.000 Transactions $ $ b 9 10 11 12 65.000 73.000 74.000 20.000 d $ 72.000 Raw materials purchases, on account Raw materials used in production (all direct materials) Direct labor cost used Indirect labor cost used Other manufacturing overhead costs incurred (ie, utility, tax, etc.) Manufacturing overhead applied Cost of units completed and transferred from Work in Process to Finished Goods Any overapplied or underapplied manufacturing overhead is closed to Cost of Goods Sold Finished goods are sold (Revenue is $500,000 in Cash) 14 1 $ 89.000 15 $ 252.000 16 17 1 $ 300,000 1 Prepare the journal entries to record the following transactions (a)Raw material Accounts payable $65,000 565,000 19 20 21 22 23 24 25 26 27 28 Instructions Edit 12