luzadis company

Luzadis Company makes furniture using the latest automated technology. The company uses a j manufacturing overhead cost to products on the basis of machine-hours. The predetermined formula that estimates $900,000 of total an es manufacturing overhead for an estimated activity level of 75,000 machine-hours cutting back production and a buildup of furniture in the During the year, a large quantity of furniture on the market resulted in he company's cost records revealed the following actual cost and operating data for the year $850,808 Manufacturing overhead cost Inventories at year-ends Hork in process (includes overhead applied of $36,e00) Finished goods (includes overhead applied of $18e,000) Cost of goods sold (includes overhead applied of $584,e08) $30,000 s 100,e00 $ 500,000 $ 1,400,eee Required: 1. Compute the underapplied or overapplied overhead entry and Cost of Goods Sold. Prepare the appropriate journal entry Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal . Finished Goods 3 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Process he tabs below Complete this question by entering your answers in t Required 1 Required 2 Required 3 Required 4 e that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. ) Journal entry worksheet