Help with Part 2

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. (a) Manufacturing Overhead 440.000 (b) Bal. 485,000 45,000 Bal. 835,000 Work in Progress 120,000 (c) 225,000 130.000 485.000 125.000 Bal. 887,500 Finished Goods 182,500 (d) 835,000 130,000 Bal. Cost of Goods Sold 887,500 The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: Work in Process, ending $ 48.500 72.750 Finished Goods. ending Cost of Goods Goods Sold 363,750 Overhead applied $485.000 For example, of the $125,000 ending balance in Work in Process, $48,500 was overhead applied during the year. Required: 1. Identify the reasons for entries (a) through (d). Item Actual manufacturing la: overhead costs for the year. Item Overhead cost applied to b): work in process for the year. Item Cost of goods manufactured c): for the year. Item Cost of goods sold for the d: lvear. 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 necessary journal entry. View transaction list Journal entry worksheet Note: Enter debits before credits. Transaction General Journal Debit Credi