Course Content $/$ Chapter $3/$ Chapter $3$ Homework

Chapter $3$ Homework

$7.$ Determined completed production, $$247,200.$ Use this information to determine the amount of WIP transferred to finished goods inventory.

$8.$ Determined cost of goods sold, $$243,600.$ Use this information to determine the reduction to finished goods inventory,

Required

part a$.$ partb.

b$.$ If the above transactions covered a full year's operations, prepare a journal entry to dispose of the overhead account balance. Assume that the balance is significant. Also assume that the following accounts contained the indicated amounts of manufacturing overhead applied during Year $2$:

$\backslash$table$[[$Work$-$In$-$process inventory,$$7,200$