Chapter 5 Connect Assignment 0 Saved Mc Frl rII Grow Hill 1. Identify the reasons for entries (a) through (d). Item ([3): Item (d): 2. The company allocates any balance in the Manufacturing Overhead account to the other accounts in proportion to the overhead applied during the year that is in the ending balance in each account. Prepare the necessaryjournal entry. (If no entry is required for a transaction/event, select "Nojournnl entry required" in the first account field.) View transaction list Journal entry worksheet Help Save 8. Exit Submit Chapter 5 Connect Assignment i Saved Help Save & Exit Submit Problem 5-17 Applying Overhead; Journal Entries; Disposition of Underapplied or Overapplied Overhead [LO4, LO5, LO7] The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. 8 Manufacturing Overhead points (a) 400, 000 (b) 435,000 Bal . 35, 000 02:45:23 Work in Progress Bal . 110, 000 (c) 785,000 215, 000 120, 000 Book (b ) 435, 000 Bal . 95, 00 Ask Finished Goods Bal. 167,500 (d 842, 500 (c) 785,000 Print Bal 110, 000 Cost of Goods Sold (d) 842, 500 The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: Work in Process, ending $ 34, 800 Finished Goods, ending 43, 500 Cost of Goods Sold 356, 700 Overhead applied $435,000 For example, of the $95,000 ending balance in Work in Process, $34,800 was overhead applied during the year. Required: 1. Identify the reasons for entries (a) through (d). Mc Graw Prev. 1 of 6 Next > Hill