Record the journal entry tonclose out over/underpaid overhead? Calculate by reviewing exercises 2,3 & 4.

63 64 Exercise 5 Record the journal entry to close out over/underaplied overhead? Calculate by reviewing exercises 2,3 & 4. 65 66 3/31 Cost of goods sold X 67 Manufacturing overhead (Close out overhead) 68 69 70 71 72 2 Exercise 2 Record the journal entries to accumulate the following costs: 3/10 Purchased $160 raw materials on credit (account) from Wholesaler Co. 3/15 Paid factory rent of $960 (Ck#225). 3/25 Received factory utilities invoice of $240 (the invoice is due 4/15). 3/31 Depreciation of equipment totaled $80. Of this 80% is factory related. 3 5 6 7 Account/Explanation 3/10 Raw materials inventory Accounts payable (Purchase RM- Wholesaler Co.) Dr. Cr. Date 160 160 10 11 12 3/15 Manufacturing overhead 960 13 Cash 960 14 (Rent Ck # 225) 15 16 3/25 Manufacturing overhead Accounts payable |(Accrue utilities) 240 17 240 18 19 20 3/31 Manufacturing overhead Depreciation expense Accumulated depreciation - equip 64 21 16 22 80 23 onrociationl 28 Exercise 3 Record the journal entries to assign the following costs: 3/31 Used $128 of raw materials for specific jobs and $32 for general use. 3/31 Time tickets showed $704 of direct labor and $64 indirect labor 3/31 Predetermined overhead rate is 180 % of direct labor. 29 30 31 32 3/31 Manufacturing overhead Work in process inventory Raw materials inventory (Assign raw materials) 33 32 34 128 35 160 36 37 3/31 Manufacturing overhead Work in process inventory Factory payroll (Assign payroll costs) 38 64 39 704 40 768 41 42 3/31 Work in process inventory 43 1,267.20 44 Manufacturing overhead (Assign overhead) 1,267.20 45 46 st BExercise 4 Record journal entries for the following events: 3/31 Completed two jobs costing a total of $960 to complete. 3/31 Received $1840 as payment for the two completed jobs. 0 51 52 3/31 Finished goods inventory Work in process inventory (Completed jobs #212 & 214) 960 53 960 54 55 56 3/31 Cash 1,840 57 Sales 1,840 (Cash received for jobs # 212 &214) 58 59 3/31 Cost of goods sold 60 960 Finished goods inventory |(Recognize expense for jobs # 212 & 214) 61 960 63