Hello, I am having a lot of trouble with the problem below. Not sure why Course hero is not uploading the photos correctly. I have provided links to the photos here:
https://ibb.co/Zzm3Fj3
https://ibb.co/HNcMHhW
https://ibb.co/tzxfNq4
5.
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Work in Process Finished Goods (a) 463 , 104 (b) 385, 920 Bal. 20, 080 (0) 714,000 Bal. 19, 000 (d) 642,000 Bal . 77,184 263,500 (c ) 714,000 85,500 Bal. 121, 000 (b) 385, 920 Bal 41,000 Cost of Goods Sold (d) 642,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process, ending $ 19,680 Finished Goods, ending 58,080 Cost of Goods Sold 308, 160 Overhead applied $ 385, 920 For example, of the $41,000 ending balance in work in process, $19,680 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Entry Reason (a) (b) (9) (d)Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journalRequired 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet > Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal
