Smith Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individuals based on the machine hours required. At a beginning of the year. The company expected to our the flowing: Click the icon to view the costs) Smehr's nccountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $405,000, not the 5470.000 that had originally been reported The unadjusted Cost of Goods Sold balance at your end was $560,000. The manufacturing overhead allocated to jobs w $450,000 Read the requirements Requirement 1. Prepare the journal entry (entries to record manufacturing overhead cont nourred (Record devia first, then credits. Exclude explanation from they jumal neries) Journal Entry Date Accounts Debit Credit Manufacturing Overhead Accumulated Depreciation. Pantand Equipment Property Tax Payable Wages Payable Requirement 2. Prepare the journal entry to record the manufacturing overhead stocated to be in production (econd debts frut the credits Exclude lotion from any umane Date Account Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Smith Foundry a premiermined manufacturing overhead Fate to allocato overhead to individus jobs based on the machine hours required. At the beginning or the you, the company expected to hear the following (Click the icon to view the costs) Smith's accountant found an enor in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually 5405 000, not the $470.000 that had originally been reported. The undsted Cost of Goods Sold blanco year-end was 500.000 The manufacturing overhead located to jobs was $456.000 Read the recents Requirement 2. Prepare the journal entry to record the manufacturing overhead alocated to jobs in production (econd dabits first, then credits listada eroplanation from wyjum erties) Journal Entry Datu Accounts Debu Credit Requirement 3. Uwera Taccount to determine whether manufacturing overhead is understocand er awratocated and by how much. Manufacturing Overhead Choose from any list of artur any number in the wput fields and then continue to the next question, Smith's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $406.000, not the 5470,000 that had orginally been reported. The unadjusted Cost of Goods Sold balance at your end was $560,000 The manufacturing overhead allocated to jobs was 5456.000 Read the main by After correcting the error manufacturing overhead is Requirement 4. Record the entry to come out the underlocated or overallocated manufacturing overhoud. (Mucord debih text, then cred. Exclude explanations from any oumal ento) Journal Entry Date Accounts Debit Credit Requirements. What is the adjusted ending balance of Cost of Goods Sold? Use the following table to calkulate the adjusted ending balance of Cost of Goods Soki (Use parentesos or a minus sign for numbers to be subtracted) Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 5. What is the adjusted ending balance of Cost of Goods Sold? Use the following table to calculate the adjusted ending balance of Cost of Goods Sold. (Uso parontheses or a minus sign for numbers to be subtracted.) Adjusted cost of goods sold Choose from any list or enter any number in the input fields and then continue to the next question Requirements - X 1. Prepare the journal entry (entries) to record manufacturing overhead costs incurred. 2. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production. 3. Use a T-account to determine Iwhether manufacturing overhead is underallocated or overallocated and by how much. 4. Record the entry to close out the underallocated or overallocated manufacturing overhead. 5. What is the adjusted ending balance of Cost of Goods Sold? Print Done rate ye 1 i Data Table the po, not the $470 i Manufacturing overhead costs ...... $ 550,000 Direct labor cost. $ 1,500,000 Machine hours.. 68,750 1. 2. At the end of the year, the company had actually incurred the following: ---- 3. .. 4. 5. Direct labor cost.. .....$ 1,210,000 Depreciation on manufacturing plant and equipment $ 470,000 Property taxes on plant 19,500 Sales salaries.. 26,000 Delivery drivers' wages.. 13,500 Plant janitors' wages.. 11,000 Machine hours. 57,000 hours Print Done Ids and
