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Q4. Huda Corporations accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of
Q4. Huda Corporations accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of goods sold 100,000 Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition. Discuss why you could have Misallocated Overhead? (Ch 5 Marks 4)
Q4. Huda Corporations accounting information system showed the following balances at the end
of this period:
Work in process $40,000
Finished goods 60,000
Cost of goods sold 100,000
Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition.
Discuss why you could have Misallocated Overhead? (Ch 5 Marks 4)
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