Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help! It is saying that my answer isn't complete... Required Information [The following information applies to the questions displayed below.] Bergo Bay's accounting system
Please help! It is saying that my answer isn't complete...
Required Information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Credit Debit $ 71,00 40,000 25, eee 9,690 3, eee Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals $ 11,eee 14,800 30, cee 76, eee 282, eae 120,000 25,000 40, eee $ 333, eee $ 333,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: $ 4,300 direct materials to Job 402 Materials requisition 11: $ 7,780 direct materials to Job 404 Materials requisition 12: $ 2,200 indirect materials Labor time ticket 52: $ 7,800 direct labor to Job 402 Labor time ticket 53: $ 13,eee direct labor to Job 484 Labor time ticket 54: $ 5,880 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over-o underapplied overhead. -b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 24 Reg 2B In Factory Overhead T-account, enter amounts from part 1 underapplied overhead. to factory overhead Determine the amount of over-or Overhead applied Actual overhead (given) Indirect materials Indirect labor Factory Overhead 25,000 20,000 2,200 5,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started