A. What is the actual B. What is the allocated C. Is manufacturing overhead underallocated or manufacturing overhead? overallocated? manufacturing overhead? D. Prepare the adjusting entry. Date 56,480✔ Description Dec. 31, 20 Manufacturing Overhead Cost of Goods Sold 2,100 55,980 15,650 32,480 Date 5,750 A. What is the actual manufacturing overhead? X D. Prepare the adjusting entry. 50,880 Description Dec. 31, 20 Manufacturing Overhead Cost of Goods Sold 2. The following information was reported for Gray Enterprises on December 31, 2021. Manufacturing Overhead Debit X Underallocated ✓ 5,600 X X Debit B. What is the allocated C. Is manufacturing overhead manufacturing overhead? underallocated or overallocated? Credit Overallocated X X 5,600 X Credit X

A. What is the actual B. What is the allocated C. Is manufacturing overhead underallocated or manufacturing overhead? overallocated? manufacturing overhead? D. Prepare the adjusting entry. Date 56,480✔ Description Dec. 31, 20 Manufacturing Overhead Cost of Goods Sold 2,100 55,980 15,650 32,480 Date 5,750 A. What is the actual manufacturing overhead? X D. Prepare the adjusting entry. 50,880 Description Dec. 31, 20 Manufacturing Overhead Cost of Goods Sold 2. The following information was reported for Gray Enterprises on December 31, 2021. Manufacturing Overhead Debit X Underallocated ✓ 5,600 X X Debit B. What is the allocated C. Is manufacturing overhead manufacturing overhead? underallocated or overallocated? Credit Overallocated X X 5,600 X Credit X

Name: Manufacturing OverheadDebitCredit3,38050,88015,780 37,320 5,600 1. The
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Description: Manufacturing OverheadDebitCredit3,38050,88015,780 37,320 5,600 1. The following information was reported for Gray Enterprises on December 31, 2020.ManufacturingOverhead3,380 50,88015,78037,3205,600A. What is the actual B. What is the allocated C. Is

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Debit	Credit
3,380	50,880
15,780
37,320
5,600

Similar questions

What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
1) The NBA company sub-assigned (“Not Applied”) manufacturing overhead during 2020. Which of the following statements describes the effect on the financial statements of the closing of the sub-allocation? A. Administrative and selling expenses for the period increased. b. Increase the cost of items sold. c. Decrease the balance of Articles in process (“Work-in-process”). d. Decreases the balance of Finished Goods.
Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. DirectMaterialsUsed DirectLaborUsed ManufacturingOverhead TotalManufacturingCosts Work inProcess1/1 Work inProcess12/31 Cost of GoodsManufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000 80,000 (f) (4) 70,000 (g) 75,000 288
Prior to 2020, Heberling Inc. excluded manufacturing overhead costs from work in process and finished goods inventory. These costs have been expensed as incurred. In 2020, the company decided to change its accounting methods for manufacturing inventories to full costing by including these costs as product costs. Assuming that these costs are material, how should this change be reflected in the financial statements for 2019 and 2020?
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showingtotal manufacturing cost & total manufacturing costs to account for.
At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.
The following account balances and other information are from SUNN Corporation’s accounting records for year-end December 31, 2019. Use this information to prepare (1) a table listing factory overhead costs, (2) a schedule of cost of goods manufactured (show only the total factory overhead cost), and (3) an income statement.
Octie Company reports the following costs and expenses in January 2020. Required: From the information given, determine, justify and put the formula of the total amount of Manufacturing overhead Product costs Period costs
Requirements 1. Prepare journal entries to record the transactions for 2020 including an entry to close out under- or overallocated overhead to cost of goods sold. For each journal entry indicate the source document that would be used to authorize each entry. Also note which subsidiary ledger, if any, should be referenced as backup for the entry. 2. Post the journal entries to T-accounts for all of the inventories, Cost of Goods Sold, the Manufacturing Overhead Control Account, and the Manufacturing Overhead Allocated Account.
Octie Company reports the following costs and expenses in January 2020. Required: From the information given, determine and justify the total amount of Manufacturing overhead Product costs Period costs