Problem 4-30 Coronado, Inc. manufactures ergonomically designed computer furniture. Coronado uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. CC723 CH291 PS812 Item Computer caddy Chair Printer stand Units 25,000 18,000 25,000 Accumulated Cost $970,000 432,000 251,000 $1,653,000 On November 30, Coronado's Raw Materials Inventory account totaled $679,000, and its Finished Goods Inventory totaled $3,495,400. Coronado applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $4,600,000, and the company planned to use 920,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 836,000 machine hours, total manufacturing overhead amounted to $4,284,500, and Cost of Goods Sold was $4,294,500. Coronado purchased $8,750,250 in raw materials in December and incurred the following costs for jobs in process that month: Hours ob No. CC723 CH291 PS812 DS444 Materials Issued $ 155,000 $16,800 $227,000 $260,000 Machine Hours 13,000 4,800 20,400 18,000 Direct Labor Hours 13,500 3,900 16,300 16,500 Direct Labor cost of $127,400 $43,200 $213,500 $149,000 The following jobs were completed in December and transferred to the Finished Goods Inventory: Item Job No. CC723 CH291 DS444 Computer caddy Chair Desk Units 25,000 18,000 10,000 Assume that Coronado sold 16,000 computer caddies, 12,900 chairs, and 4,400 desks in December. Assume that Coronado closes under- or overapplied overhead to the Cost of Goods Sold account. Prepare the journal entry to close the manufacturing overhead account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit LINK TO TEXT LINK TO VIDEO Assume that Coronado prorates under- or overapplied overhead to the appropriate accounts. Calculate the allocated amounts and adjust the account balances as needed. (Round % of total to 1 decimal places, e.g. 52.7% and final answers to 0 decimal places e.g. 5,275.) Allocation Adjusted Balance Work In Process $ Finished Goods Cost of Goods Sold $ Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO Problem 4-30 Coronado, Inc. manufactures ergonomically designed computer furniture. Coronado uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs: Job No. CC723 CH291 PS812 Item Computer caddy Chair Printer stand Units 25,000 18,000 25,000 Accumulated Cost $970,000 432,000 251,000 $1,653,000 On November 30, Coronado's Raw Materials Inventory account totaled $679,000, and its Finished Goods Inventory totaled $3,495,400. Coronado applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $4,600,000, and the company planned to use 920,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 836,000 machine hours, total manufacturing overhead amounted to $4,284,500, and Cost of Goods Sold was $4,294,500. Coronado purchased $8,750,250 in raw materials in December and incurred the following costs for jobs in process that month: Hours ob No. CC723 CH291 PS812 DS444 Materials Issued $ 155,000 $16,800 $227,000 $260,000 Machine Hours 13,000 4,800 20,400 18,000 Direct Labor Hours 13,500 3,900 16,300 16,500 Direct Labor cost of $127,400 $43,200 $213,500 $149,000 The following jobs were completed in December and transferred to the Finished Goods Inventory: Item Job No. CC723 CH291 DS444 Computer caddy Chair Desk Units 25,000 18,000 10,000 Assume that Coronado sold 16,000 computer caddies, 12,900 chairs, and 4,400 desks in December. Assume that Coronado closes under- or overapplied overhead to the Cost of Goods Sold account. Prepare the journal entry to close the manufacturing overhead account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Credit Debit LINK TO TEXT LINK TO VIDEO Assume that Coronado prorates under- or overapplied overhead to the appropriate accounts. Calculate the allocated amounts and adjust the account balances as needed. (Round % of total to 1 decimal places, e.g. 52.7% and final answers to 0 decimal places e.g. 5,275.) Allocation Adjusted Balance Work In Process $ Finished Goods Cost of Goods Sold $ Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO