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Chem The bowing information is taken from the accounts of Lotta Company. The entries in the accounts are summaries of the contracted to sccounts during the year incess Pindo 11. Otel 1726,000 TON 648,000 26.000 TEODO 1. 190.000 10000 SEED The event that has been esto es to production during the year. civibuted among Work in process, Fushed Goods, and cost of Goods sold as of the end of the years follows 2.1 53.31 dii Formu, of the $44,000 ending balance in work in process, 521120 was overhead that had been applied during the year Idently on for tries through 2. Assume that the underapplied or overapplied overhead is closed to cost of Goods Sold. Prepare the necessary journal entry Assume that the unced or overapplied overhead is closed proportionally to Work in Process. Finished Goods, and cost of Goods Sold. Prepare the nossary journal entry Complete the question by entering your answers in the tabs below Check my won 5 Woning Cor de sota applied 121,110 39.510 311,040 31,00 For example of the 544000 ending balance in work in process, 521120 was overhead that had been applied during the year Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to cost of Goods Sold Prepare the necessary joumal 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. more Moured2 Required Identily reasons for entries (a) through (d) SE35 101 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identity reasons for entries (a) through (d). Reason () 25 (d) Actual manufacturing overhead costs incurred for the year. Cost of goods manufactured for the year. Cost of goods sold for the year. Overhead cost applied to Work in Process for the year. red 2 > FR Next Journal entry worksheet 1 > Record the adjustment of manufacturing overhead account to COGS Note Enter debits before credits Event Debit General Journal Credit 1 View general Journal Record entry Clear entry Dud 56 FIA Next > View Transaction lit Journal entry worksheet 1 Record the adjustment of manufacturing overhead account to COGS. Note Enter debts before credits General Journal Debit Credit Event 1 No journal entry required Accounts payable Accounts receivable Accumulated depreciation Cash View general Journal Record rendelet Journal entry worksheet 1 Record the adjustment of manufacturing overhead account to COGS. Not to debit before credits General Journal Dabit Credit 1 Cost of goods sold Depreciation expense Finished goods Manufacturing overhead Raw materials econd View general journal Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS Note: Inter debits before credits Event 1 General Journal Dobit Credit Raw materials Sales Selling and administrative expenses Wages payable Work in process Recorder View general Journal Journal entry worksheet 1 Record the allocation of any balance in the manufacturing overhead account to other accounts Notar debits before croits General Journal Debit Credit 1 Recorder Clear entry View general journal Record the allocation of any balance in the manufacturing overhead account to other accounts Note: Enter debits before credits General Journal Debit Credit Event 1 Record entry Clear entry View general journal
