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Category > Accounting Posted 22 May 2017 My Price 5.00

Assume Chan Company incurs actual manufacturing overhead costs

Assume Chan Company incurs actual manufacturing overhead costs of $470,000 and applies overhead of $510,000 for the year. Account balances are as follows: WIP inventory, $25,000; finished goods inventory, $25,000; and cost of goods sold, $50,000.

1. Is overhead overapplied or underapplied? Explain your answer.

2. Make the journal entry to close the manufacturing overhead account assuming the balance is immaterial.

3. Make the journal entry to close the manufacturing overhead account assuming the balance is material.

 

 
 

 

Answers

Alpha Geek
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Status NEW Posted 22 May 2017 12:05 PM My Price 5.00

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file 1495455403-Answer.docx preview (119 words )
A-----------ssu-----------me -----------Cha-----------n C-----------omp-----------any----------- in-----------cur-----------s a-----------ctu-----------al -----------man-----------ufa-----------ctu-----------rin-----------g o-----------ver-----------hea-----------d c-----------ost-----------s o-----------f $-----------470-----------,00-----------0 a-----------nd -----------app-----------lie-----------s o-----------ver-----------hea-----------d o-----------f $-----------510-----------,00-----------0 f-----------or -----------the----------- ye-----------ar.----------- Ac-----------cou-----------nt -----------bal-----------anc-----------es -----------are----------- as----------- fo-----------llo-----------ws:----------- WI-----------P i-----------nve-----------nto-----------ry,----------- $2-----------5,0-----------00;----------- fi-----------nis-----------hed----------- go-----------ods----------- in-----------ven-----------tor-----------y, -----------$25-----------,00-----------0; -----------and----------- co-----------st -----------of -----------goo-----------ds -----------sol-----------d, -----------$50-----------,00-----------0. ----------- 1.----------- Is----------- ov-----------erh-----------ead----------- ov-----------era-----------ppl-----------ied----------- or----------- un-----------der-----------app-----------lie-----------d? -----------Exp-----------lai-----------n y-----------our----------- an-----------swe-----------r. ----------- 2.----------- Ma-----------ke -----------the----------- jo-----------urn-----------al -----------ent-----------ry -----------to -----------clo-----------se -----------the----------- ma-----------nuf-----------act-----------uri-----------ng -----------ove-----------rhe-----------ad -----------acc-----------oun-----------t a-----------ssu-----------min-----------g t-----------he -----------bal-----------anc-----------e i-----------s i-----------mma-----------ter-----------ial-----------. -----------3. -----------Mak-----------e
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