The following information is taken from the accounts of Latta Company. The entri
ID: 2419608 • Letter: T
Question
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year.
(a) 460,000
(b) 390,000
Bal. 15,000
(c) 710,000
Bal. 70,000
85,000
(b) 390,000
Bal. 40,000
Bal. 50,000
(d) 640,000
(d) 640,000
(c) 710,000
Bal. 120,000
The overhead that had been applied to production during the year is distributed among the ending balances in the accounts as follows:
For example, of the $40,000 ending balance in work in process, $19,500 was overhead that had been applied during the year.
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year.
Explanation / Answer
1. Ans.
a) To record the actual maufacturing overhead incurred during the current time period.
b) To record applied manufacturing overhead assigned to production during the current time period.
c) To record cost of goods manufactured for the current time period.
d) To record the cost of goods sold for the current time period.
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