Prepare the journal entry to close out the MOH difference, given that the company wants to prorate it to the appropriate accounts based on their ending balances (before proration) (round proportions to four decimal places, if necessary).

Did the proration of the MOH difference in part (d) have a significant effect on COGS this period? Explain how you could evaluate significance here. Specify the new adjusted COGS.

If Locktin reported sales of $475,000 this year, what gross margin percentage did it earn? If the company goal was to generate at least a 35% gross margin, did it meet its goal? What does this tell us about Locktin's control of product costs this period?

Extracted text: P8.2 (LO 1, 2, 3) AN The following T-accounts provide selected data about Locktin's financial results for the year. Sadly, several key components went missing after a thief broke into the Locktin accounting office: WIP Inventory RM Inventory 22,500 ? 75,000 ? Beg. bal. Beg. bal. 52,500 DM 72, XXXXXXXXXX End. bal. 18,000 DL 90,000 Applied MOH 112,500 End. bal FG Inventory 90,000 ?? ontrol (Total debits 111,000 ? during the year) Beg. bal. End. bal. 72,000

P8.2 (LO 1, 2, 3) AN The following T-accounts provide selected data about Locktin's financial results for the year. Sadly, several key components went missing after a thief broke into the Locktin accounting office