Housley Paints Co. had a remaining debit balance of $25,000 in its under-and overapplied factory overhead account
Question:
Work in Process......................................................... $ 60,000
Finished Goods......................................................... 40,000
Cost of Goods Sold.................................................. 150,000
Total........................................................................... $250,000
a. Determine the prorated amount of the underapplied factory overhead that is chargeable to each of the accounts.
b. Prepare the journal entry to close the debit balance in Under- and Overapplied Factory Overhead.
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Related Book For
Principles of Cost Accounting
ISBN: 978-1305087408
17th edition
Authors: Edward J. Vanderbeck, Maria Mitchell
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