Simpson Manufacturing has the following standard cost sheet for one of its products: The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: 5. Using a single overhead account (e.g., Factory Overhead), make proper journal entries for: a. Incurrence of factory overhead costs. b. Application of factory overhead costs to production. c. Identification of overhead variances assuming that the firm uses the four-variance analysis identified in requirement 2. d. Close all factory overhead cost items and their variances of the period if: (1) The firm closes all variances to the Cost of Goods Sold account. (2) The firm prorates variances to the inventory accounts and the Cost of Goods Sold account. Complete this question by entering your answers in the tabs below. Using a single overhead account (e.g., Factory Overhead), make proper journal entries for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. Incurrence of factory overhead costs. b. Application of factory overhead costs to production. c. Identification of overhead variances assuming that the firm uses the four-variance analysis identified in requirement 2. d. Close all factory overhead cost items and their variances of the period if: (1) The firm closes all variances to the Cost of Goods Sold account. (2) The firm prorates variances to the inventory accounts and the Cost of Goods Sold account. Journal entry worksheet 5 Record the incurrence of factory overhead costs. Note: Enter debits before credits. Journal entry worksheet Record the application of factory overhead to production. Note: Enter debits before credits. Journal entry worksheet Record the factory overhead variances assuming the firm uses the fourvariance analysis identified in Required 2. Note: Enter debits before credits. Journal entry worksheet Close all variances to cost of goods sold. Note: Enter debits before credits. Journal entry worksheet Close all variances by prorating them to the inventory accounts and cost of goods sold. Note: Enter debits before credits. Simpson Manufacturing has the following standard cost sheet for one of its products: The company uses a standard cost system and applies factory overhead cost based on direct labor hours and determines the factory overhead rate based on a practical capacity of 400 units of the product. Simpson has the following actual operating results for the year just completed: Before closing the periodic accounts, the (standard cost) entries in selected accounts follow: 5. Using a single overhead account (e.g., Factory Overhead), make proper journal entries for: a. Incurrence of factory overhead costs. b. Application of factory overhead costs to production. c. Identification of overhead variances assuming that the firm uses the four-variance analysis identified in requirement 2. d. Close all factory overhead cost items and their variances of the period if: (1) The firm closes all variances to the Cost of Goods Sold account. (2) The firm prorates variances to the inventory accounts and the Cost of Goods Sold account. Complete this question by entering your answers in the tabs below. Using a single overhead account (e.g., Factory Overhead), make proper journal entries for: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) a. Incurrence of factory overhead costs. b. Application of factory overhead costs to production. c. Identification of overhead variances assuming that the firm uses the four-variance analysis identified in requirement 2. d. Close all factory overhead cost items and their variances of the period if: (1) The firm closes all variances to the Cost of Goods Sold account. (2) The firm prorates variances to the inventory accounts and the Cost of Goods Sold account. Journal entry worksheet 5 Record the incurrence of factory overhead costs. Note: Enter debits before credits. Journal entry worksheet Record the application of factory overhead to production. Note: Enter debits before credits. Journal entry worksheet Record the factory overhead variances assuming the firm uses the fourvariance analysis identified in Required 2. Note: Enter debits before credits. Journal entry worksheet Close all variances to cost of goods sold. Note: Enter debits before credits. Journal entry worksheet Close all variances by prorating them to the inventory accounts and cost of goods sold. Note: Enter debits before credits
