Homework: Ch 3 Homework Assignment 1 Save Score: 0 of 1 pt 10 of 12 9 complete HW Score: 71.12%, 8.53 of 12 pts E3-26A (similar to) Question Help Metal Foundry uses a predetermined manufacturing overhead rate to allocate Overhead to individual jobs based on the machine hour required. At the beginning of the year, the company expected to incur the following Click the icon to view the costs.) Metal's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actualy S400,000, not the $490,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $570,000. The manufacturing overhead allocated to jobs was $452.000. Read the requirements Requirement 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Journal Entry Accounts Manufacturing Overhead Credit Debit 610000 Inc ules i Data Table Manufacturing overhead costs ... $ 610,000 ..... Direct labor cost ... $ 1,400,000 ... Machine hours.... 76,250 ...R At the end of the year, the company had actually incurred the following: Direct labor cost ..... $ 1,240,000 Depreciation on manufacturing plant and equipment . . . . $ 490,000 Property taxes on plant $ 21,500 Sales salaries.... $ 23,500 Delivery drivers' wages. $ 14,500 Plant janitors' wages.. $ 8,000 Machine hours. 56,500 hours H WILINIC Print Done i Requirements - X 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. 2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production. 3. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated and by how much. 4. Record the entry to close out the underallocated or overallocated manufacturing overhead. 5. What is the adjusted ending balance of Cost of Goods Sold? Print Done A (similar to) oundry uses a predetermined manufacturing overhead rate to allocate overhead to i e company expected to incur the following: ick the icon to view the costs.) s accountant found an error in the expense records from the year reported. Depreciatic 000 that had originally been reported. The unadjusted Cost of Goods Sold balance at y 200. the requirements. uirement 1. Prepare the journal entry (entries) to record manufacturing overhead costs in mal entries.) Journal Entry Debit C Accounts te 610000 Manufacturing Overhead Accumulated Depreciation-Plant and Equipment Cost of Goods Sold Manufacturing Overhead Property Tax Payable Wages Payable Work in Process Inventory Choo
