Latta Company provided the following T-accounts for this year. (a) Balance Manufacturing Overhead 486,144 (b) 81,024...

  

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Latta Company provided the following T-accounts for this year. (a) Balance Manufacturing Overhead 486,144 (b) 81,024 Debit Cost of Goods Sold Debit 662,000 Credit Credit Entry (a) (b) (c) (d) 405,120 Required 1 Required 2 Identify reasons for entries (a) through (d). Debit Balance (b) Balance Required 3 Work in Process 10,880 (c) 298,500 Complete this question by entering your answers in the tabs below. Reason 90,500 405,120 51,000 Work In Process, ending $ 24,488 Finished Goods, ending 62,580 317,760 Cost of Goods Sold Overhead applied $ 405,120 For example, of the $51,000 ending balance in work in process. $24.480 was applied overhead Credit 754,000 (d) The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Debit Balance (Ⓒ) Balance Required: 1. Identify reasons for entries (a) through (d). 2. Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry 3. Assume underapplied or overapplied overhead is closed proportionally to Work in Process. Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. Finished Goods 39,000 (d) 754,000 131,000 Credit 662,000 Latta Company provided the following T-accounts for this year. (a) Balance Manufacturing Overhead 486,144 (b) 81,024 Debit Cost of Goods Sold Debit 662,000 Credit Credit Entry (a) (b) (c) (d) 405,120 Required 1 Required 2 Identify reasons for entries (a) through (d). Debit Balance (b) Balance Required 3 Work in Process 10,880 (c) 298,500 Complete this question by entering your answers in the tabs below. Reason 90,500 405,120 51,000 Work In Process, ending $ 24,488 Finished Goods, ending 62,580 317,760 Cost of Goods Sold Overhead applied $ 405,120 For example, of the $51,000 ending balance in work in process. $24.480 was applied overhead Credit 754,000 (d) The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Debit Balance (Ⓒ) Balance Required: 1. Identify reasons for entries (a) through (d). 2. Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry 3. Assume underapplied or overapplied overhead is closed proportionally to Work in Process. Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. Finished Goods 39,000 (d) 754,000 131,000 Credit 662,000

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Requirement 1 a Manufacturing Overhead account Here actual manufacturing overhead costs that were incurred are recorded on the debit side whereas the ... View the full answer