Requirement 1. Prepare the journal entry to record manufacturing overhead costs incurred. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Debit Accounts Credit Manufacturing Overhead 427,500 400,000 Accumulated Depreciation-Plant and Equipment Property Tax Payable 19,500 Wages Payable 8,000 Requirement 2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Choose from any list or enter any number in the input fields and then click Check Answer. Journal Entry Date Accounts Debit Credit Work in Process Inventory 440,000 Manufacturing Overhead 440,000 Requirement 3. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated and by how much. Manufacturing Overhead Actual Allocated 440,000 End Bal Choose from any list or enter any number in the innut fields and then click Check Anewer Floral Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: (Click the icon to view the costs.) Floral's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $400,000, not the $500,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $620,000. The manufacturing overhead allocated $440,000. jobs was Read the requirements. i Requirements Requirement 1. Prepare the journal entry to rec entries.) hany journal 1. Prepare the journal entry to record manufacturing overhead costs incurred. Jo 2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in Date Account production. 3. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated and by how much Manufacturing Overhead Accumulated Depreciation 4. Record the entry to close out the underallocated or overallocated manufacturing overhead. Property Tax Payable 5. What is the adjusted ending balance of Cost of Goods Sold? Wages Payable Requirement 2. Prepare the journal entry to rec from any joumal entries.) de explanations Print Done Jobrmarmery Choose from any list or enter any number in the input fields and then click Check Answer. Floral Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: EE(Click the icon to view the costs.) Floral's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $400,000, not the $500,000 that had originally been reported. The unadjusted Cost of Goods Sold balance at year-end was $620,000. The manufacturing overhead allocated to jobs was $440,000 Read the requirements. i Data Table Exclude explanations from any journal Requirement 1. Prepare the journal e entries.) 590,000 Manufacturing overhead costs $ 1,550,000 Direct labor cost Date Machine hours 73,750 Manufacturing Overh Accumulated Dep At the end of the year, the company had actually incurred the following: Property Tax Pay Direct labor cost 1,220,000 Wages Payable Depreciation on manufacturing plant and equipment $ 500,000 Requirement 2. Prepare the journal e from any journal entries.) s first, then credits. Exclude explanations $ 19,500 Property taxes on plant $ Sales salaries 24,500 $ Delivery drivers' wages 15,000 Choose from any list or enter any nu Plant janitors' wages 8,000 parts remaining Machine hours 55,000 hours Final Check
