nnect html re https/ Check my work mode : This shows what is correct or incorrec

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nnect html re https/ Check my work mode : This shows what is correct or incorrect for the work you have During the year, a large quantty of furniture on the market resulted in cutting back production and a buildup of furniture in the company's warehouse. The companys cost records revealed the following actual cost and operating data for the year Machine-hours Manufacturing overhead cost InventorLes at year-end: 62,800 1,309,000 Raw naterials $ 20,e 176,400 $ 392,000 s 1,391,66e kork in process (includes overhead applied or se,as, Finished goods (includes overheed applied of $223,200 Cost of soods sold (Lnc ludes overhead applied of $792, 360) Required 1. Compute the underapplied or overapplied overhead 2. Assume that the company closes any underapplied or overapplied overhead to Cost of Goods Sold. Prepare the appropriate jour entry 3 Assume that the company allocates any underapolied or overappled overhead proportionally to Work in Process, Finished Goods and Cost of Goods Sold. Prepare the appropriate journal entry 4. How much higher or lower will net operating income be if the underapplied or overapplied overhead is allocated to Work in Proces Finished Goods, and Cost of Goods Sold rather than being closed to Cost of Goods Sold? 3 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Assume that the company allocates any underapplied or overapplied overhead proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Finished goods Cost of goods sold 1.104 0 223,200 184.000 Required 2 Required 4 > Prev 1 of 4 Next > pe here to search

Explanation / Answer

1 Overhead applied = 100440+223200+792360= $1116000 Underapplied overhead = 1300000-1116000 = $184000 2 Cost of goods sold 184000        Manufacturing overhead 184000 3 Work in Process 16560 =184000/(100440+223200+792360)*100440 Finished goods 36800 =184000/(100440+223200+792360)*223200 Cost of goods sold 130640 =184000/(100440+223200+792360)*792360        Manufacturing overhead 184000 4 Higher net operating income = 184000-130640= $53360

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