Home Tools Managerial-Accou... * A 693 60Q 136 (189 of 817 Am o 26.2% E Sign In 2Share hulp At least one signature is invalid. Signature Panel Search 'Watermark Overhead LO3-1, LO3-2, LO3-4 The following information is taken from the accounts of Lalla Cumpany. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. P. Export PDF Manufacturing Overhead Work in Process Pe Create PDF ( Bal. (a) Bal. 390,000 (c) 460,000 70.000 710,000 Edit PDF 15,000 260.000 85.000 390,000 40.000 Bal Comment Finished Goods Cost of Goods Sold Combine Files (0) 640,000 (d) 640,000 Bal. (C) Bal. 50.000 710,000 120.000 Organize Pages Redact The overhead that had been applied to production during the year is distributed amone Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Protect Optimize PDF Fill & Sign L. Send for Review Job-Order Costing: Cost Flows and External Reporting Work in Process, ending Finished Goods, ending.... Cost of Goods Sold...... Overhead applied.......... $ 19,500 58,500 312,000 $390,000 Sign and send documents for e-signature Start Free Trial For example, of the $40,000 ending balance in Work in Process, S19,500 was overhead that had been applied during the year. Home Tools Managerial-Accou... * A 693 60Q 137 (170 of 817 Am o 26.2% E Sign In 2Share hulp At least one signature is invalid. Signature Panel Search 'Watermark Bal. 70,000 (b) Bal. 200.000 85,000 390,000 40,000 P. Export PDF Finished Goods Cost of Goods Sold Pe Create PDF 640,000 (d) 640.000 Edit PDF Bal. (c) Bal. 50,000 ( 710,000 120.000 Comment 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: Combine Files Organize Pages Redact 0 Protect Job-Order Costing: Cost Flows and External Reporting Optimize PDF .............. Work in Process, ending ...... Finished Goods, ending....... Cost of Goods Sold..... Overhead applied..... $19,500 58,500 312,000 $390.000 Fill & Sign L. Send for Review For example, of the $40.000 ending balance in Work in Process, S19,500 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (al through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Pre- pare 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. Pro vide supporting computations. Sign and send documents for e-signature Start Free Trial