Question
The following information is available for 20X5 for Burk & Associates Oil Refinery: Ending Work in Process: $25,000 (including applied overhead of $10,000) Ending Finished
The following information is available for 20X5 for Burk & Associates Oil Refinery:
| Ending Work in Process: | $25,000 | (including applied overhead of $10,000) |
| Ending Finished Goods: | $65,000 | (including applied overhead of $20,000) |
| Cost of Goods Sold for the year: | $600,000 | (including applied overhead of $220,000 from this year) |
At year end, the company had an over-applied overhead balance of $19,000. This amount is not considered significant. What is the adjusting entry required with respect to overhead at year end?
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
