{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T02:16:26-04:00", "answer_date": "2024-06-29 02:16:26", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4447003", "url": "\/study-help\/questions\/please-disregard-my-answer-choices-luzadis-company-makes-furniture-using-4447003", "question_creation_date_js": "2024-06-29T02:16:26-04:00", "question_creation_date": "Jun 29, 2024 02:16 AM", "meta_title": "[Solved] Please disregard my answer choices. Luzad | SolutionInn", "meta_description": "Answer of - Please disregard my answer choices. Luzadis Company makes furniture using the latest automated technology. The company | SolutionInn", "meta_keywords": "disregard,answer,choices,luzadis,company,makes,furniture,latest,automated,technology,joborder,costing", "question_title_h1": "Please disregard my answer choices. Luzadis Company makes furniture using the latest automated technology. The company uses a joborder costing system and applies manufacturing overhead", "question_title": "Please disregard my answer choices. Luzadis Company makes furniture using the latest", "question_title_for_js_snippet": "Please disregard my answer choices Luzadis Company makes furniture using the latest automated technology The company uses a joborder costing system and applies manufacturing overhead cost to products on the basis of machinehours The predetermined overhead rate was based on a cost formula that estimates $1,040,000 of total manufacturing overhead for an estimated activity level of 80,000 machinehours During the year, a large quantity offurniture on the market resulted in cutting back production and a buildup offurniture in the company's warehouse The company's cost records revealed the following actual cost and operating data for the year Machine hours 1,068 Manufacturing overhead cost $ 990,068 Inventories at year end Raw materials 33 11,068 'nlork in process (includes overhead applied of $ 3,048) 33 156,068 Finished goods (includes overhead applied of $147,688) $ 312,068 Cost of goods sold (includes overhead applied of $ 01,480) $ 1,482,068 Required 1 Compute the underapplied or overapplied overhead 2 Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold Prepare the appropriate journal entry 3 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold Prepare the appropriate journal entry 4 HOW much higher or lower will net operating income be ifthe underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Required 4 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold Prepare the appropriate journal entry (If no entry is required for a transactiom'event, select No journal entry required in the rst aocount eld ) Journal entry worksheet Record the allocation of the underapplied overapplied overhead to various accounts Note Enter debits before credits Event General Journal Debit Credit 1 Work in process 4 000 3 Finished goods 8 000 Cost of goods sold 3,800 Manufacturing overhead 50,000 No journal entry required No journal entry required Record entry Clear entry View general journal", "question_description": "

Please disregard my answer choices.<\/p>

\"image\"image<\/div><\/div><\/div><\/figure> Luzadis Company makes furniture using the latest automated technology. The company uses a joborder costing system and applies manufacturing overhead cost to products on the basis of machinehours. The predetermined overhead rate was based on a cost formula that estimates $1,040,000 of total manufacturing overhead for an estimated activity level of 80,000 machinehours. During the year, a large quantity offurniture on the market resulted in cutting back production and a buildup offurniture in the company's warehouse. The company's cost records revealed the following actual cost and operating data for the year: Machine-hours ?1,068 Manufacturing overhead cost $ 990,068 Inventories at year-end: Raw materials 33 11,068 'nlork in process (includes overhead applied of $?3,048) 33 156,068 Finished goods (includes overhead applied of $147,688) $ 312,068 Cost of goods sold (includes overhead applied of $?01,480) $ 1,482,068 Required: 1. Compute the underapplied or overapplied overhead. 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate journal entry. 3. Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. 4. HOW much higher or lower will net operating income be ifthe underapplied or overapplied overhead is allocated to Work in Process, Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transactiom'event, select \"No journal entry required\" in the rst aocount eld.) Journal entry worksheet Record the allocation of the underapplied\/overapplied overhead to various accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 Work in process 4.000 3 Finished goods 8.000 Cost of goods sold 3,800 Manufacturing overhead 50,000 No journal entry required No journal entry required Record entry Clear entry View general journal", "transcribed_text": "", "related_book": { "title": "Principles Of Finance", "isbn": "979-8439388899", "edition": "1st Edition", "authors": "Julie Dahlquist, Rainford Knight", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/6290aa2348f9a_11251.jpg", "uri": "\/textbooks\/principles-of-finance-1st-edition-9798439388899", "see_more_uri": "" }, "free_related_book": { "isbn": "3319267582", "uri": "\/textbooks\/stability-in-international-finance-applications-of-price-disequilibrium-theory-1st-edition-9783319267586-9783319267609", "name": "Stability In International Finance Applications Of Price Disequilibrium Theory", "edition": "1st Edition" }, "question_posted": "2024-06-29 02:16:26", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-13", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/consider-the-following-inertia-tensor-perform-rotation-of", "description": "Consider the following inertia tensor: Perform a rotation of the coordinate system by an angle \u03b8 about the x3-axis. 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