Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I can't determine how to find the overhead costs that have occurred on the journal entry? I also can't determine what the manufacturing overhead allocated

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

I can't determine how to find the overhead costs that have occurred on the journal entry? I also can't determine what the manufacturing overhead allocated to jobs in production? I can't determine whether the manufacturing overhead in under allocated or over allocated by how much and how to record that entry? and what is the adjusted ending balance of cost of goods sold?

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Patel Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Patel's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $400,000, not the $475,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $630,000. The manufacturing overhead allocated to jobs was $432,000. Read the requirements. Requirement 1. Prepare the journal entry to record manufacturing overhead costs incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Manufacturing Overhead 600,000 Accumulated Depreciation-Plant and EquipmentPatel Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: E (Click the icon to view the costs.) Patel's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $400,000, not the $475,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $630,000. The manufacturing overhead allocated to jobs was $432,000. Read the @uirements. Journal Entry Date Accounts Debit Credit [W Toad [m | Wages Payable Data Table - X Manufacturing overhead costs. . .. . . . $ 600,000 Direct labor. cost. . . .. . . $ 1,300,000 Machine. hours. . . . .. 75,000 At the end of the year, the company had actually incurred the following: Direct labor. cost. . . . . . $ 1,250,000 Depreciation on manufacturing plant and .equipment . . . . . $ 475,000 Property taxes on. plant . .. $ 19,000 Sales salaries. . . . . $ 25,000 Delivery drivers' wages . . . . $ 14,500 Print Done0 Data Table - >

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

Step: 3

blur-text-image

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

Fundamentals of Cost Accounting

Authors: William N. Lanen, Shannon Anderson, Michael W Maher

6th edition

1259969479, 1259565408, 978-1259969478

More Books

Students also viewed these Accounting questions