Parkeville Company manufactures a single product and started the year with no inventories Selected information about results for the period just ended include the following: Actual fixed manufacturing overhead Actual variable manufacturing overhead Applied fixed manufacturing overhead Applied variable manufacturing overhead Production volume variance Variable overhead efficiency variance $180,000 132,000 200,000 126,000 10,000 4,000 P Five percent of this period's production has not been sold. There are never any work-in-process inventories. Required: a. Assume Parkeville writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to record and close out the variances b. Assume Parkeville prorates all variances to the appropriate accounts. Prepare the entries the company would make to record and close out the variances Complete this question by entering your answers in the tabs below. Required B Assume Parkeville writes off all variances to Cost of Goods Sold. Prepare the entries the company would make the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first ac View transaction list Journal entry worksheet K A B D E Record the purchase of various variable overhead resources. Note: Enter debits before credits Event General Journal Dobit Credit 1 Required A Required B Assume Parkeville writes off all variances to Cost of Goods Sold. Prepare the entries the company would make the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first acc View transaction list Journal entry worksheet . B D E > Record the application of variable overhead at standard rates to production. Note: Enter debits before credits Event General Journal Debit Credit 2 Drau un 10 . Naut Required A Required B Assume Parkeville writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first accou View transaction list Journal entry worksheet B D E > Record the variable overhead variances. Note: Enter debits before credits Event General Journal Debit Credit 3 Required A Required B Assume Parkeville writes off all variances to Cost of Goods Sold. Prepare the entries the company would make to the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first accou View transaction list Journal entry worksheet Record the closure of fixed overhead. Note: Enter debits before credits. Event General Journal Debit Credit Required A Required B Assume Parkeville writes off all variances to Cost of Goods Sold. Prepare the entries the company would make the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the first acce View transaction list Journal entry worksheet B D Record the closure of overhead cost variances to Cost of Goods Sold. Note: Enter debits before credits. Event General Journal Debit Credit Required A Required B Assume Parkeville prorates all variances to the appropriate accounts. Prepare the entries the company would out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the fir View transaction list Journal entry worksheet B D E Record the purchase of various variable overhead resources. Note: Enter debits before credits Event General Journal Debit Credit Required A Required B Assume Parkeville prorates all variances to the appropriate accounts. Prepare the entries the company would out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the fir View transaction list Journal entry worksheet A Bho D E > Record the application of variable overhead at standard rates to production. Note: Enter debits before credits Event General Journal Debit Credit 2 Required A Required B Assume Parkeville prorates all variances to the appropriate accounts. Prepare the entries the company w out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in th View transaction list Journal entry worksheet A B D E Record the variable overhead variances. Note: Enter debits before credits. Event General Journal Debit Credit 3 Required A Required B Assume Parkeville prorates all variances to the appropriate accounts. Prepare the entries the company wa out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the View transaction list Journal entry worksheet Record the closure of fixed overhead. Note: Enter debits before credits. Event General Journal Debit Credit 4 Required A Required B Assume Parkeville prorates all variances to the appropriate accounts. Prepare the entries the company wou out the variances. (If no entry is required for a transaction/event, select "No journal entry required" in the View transaction list Journal entry worksheet Record the closure of overhead cost variances to Cost of Goods Sold and Finished Goods Inventory. Note: Enter debits before credits Event General Journal Debit Credit 5
