Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work Required information The folowing information applies to the questions displayed below Bergamo Bay's computer system generated the following trial balance on December

image text in transcribed
image text in transcribed
image text in transcribed
Check my work Required information The folowing information applies to the questions displayed below Bergamo Bay's computer system generated the following trial balance on December 31, 2017. The company's manager knows something is wrong with the trial balance because it does not show any balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, the accrued factory payroll (Factory Payroll Payable) has not been recorded. Debit Cash $ 60,00D 35,000 Accounts receivable Rav materials inventory Work in process inventory Pinished goods inventory Prepaid rent Accounts payable Notes payable 22,500 12,000 4,000 s 11,500 14,500 40,000 84,000 174,500 Common stock Retained earnings Sales Cost of goods sold Factory overhead 113,000 30,000 48,000 - $324,500 $324,500 Totals After examining various files, the manager identifies the folowing six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: 5,000 direct materials to Job 402 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date Materials requisition 21-3010 Materials requisition 21-3011: Materials requisition 21-30121 Labor time ticket 6052 Labor time ticket 6053t Labor time ticket 6054: 5,000 direct materials to Job 402 7,400 direct materials to Job 404 $1,800 indirect materials 4,000 direct labor to Job 402 $13,000 direct labor to Job 404 $2,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 21 Determine the revised balance of the Factory Overhead account after making the entries whether there is any under- or overapplied overhead for the year part 1 using T-accounts. Determine Revised Factory Overhead account Ending balance from trial balance t materials 1,800 Indirect labor ndirect labor 2,000 Overhead applied Underapplied overhead 3,800 2.2 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold, assuming the amount is not material. Answer is not complete. General Journal Debit Credit No Date No Transaction Recorded Dec 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Handbook Of Energy Audits

Authors: Albert Thumann, Terry Niehus, William J. Younger

8th Edition

1439821453, 978-1439821459

More Books

Students also viewed these Accounting questions

Question

draw logical circuit from boolean expression

Answered: 1 week ago