Manufacturing Overhead Work in Process Debit (a) Credit 460,000 (6) 390,000 Balance 70,000 Debit Credit Belance 15,000 (c) 710,000 Finished Goods: Debit Credit Balance 50,000 (d) 640,000 260,000 85,000 (c) 710,000 Balance 120,000 | (b) 390,000 Balance 40,000 Cost of Goods Sold. Debit Credit (d) 640,000 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: Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 19,500 58,500 312,000 $390,000 For example, of the $40.000 ending balance in work in process, $19,500 was overhead that had been applied during the year Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overupplied overhead is closed to Cost of Goods Sold. Prepare 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. Complete this question by entering your answers in the tabs below. for the work you h For example, of the $40,000 ending balence in work in process, $19,500 was overhead that had been applied during the year, Required: 1. Identify reasons for entries (a) through (6) 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is cload proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations) 1 No Event General Journal 1 Cost of goods sold Manufacturing overhead Work in process Cost of goods sold Required: Debit Credit 70,000 70,000 3,500 56.030 x