On each line that you use, include both an account title and a dollar amount. If

Question

On each line that you use, include both an account title and a dollar amount.

If NO answer is needed on a line - You Must put NA.

Last year, manufacturing overhead was budgeted to cost $50,000. Close out the Manufacturing Overhead account to the relevant accounts. Use a journal entry or entries to show your solution. You may or may not use all the lines provided.

________ Debit

________ Debit

_________ Debit

_________ Debit

_________ Credit

_________ Credit

_________ Credit

_________ Credit

Raw materials Work-in-process Finished goods $90,000 $ 2,000 24,000 $11,500 19,000 35,000 $18,500 86,000 $23,000 $93,500 Cost of goods sold Manufacturing overhead Abnormal spoilage loss $93,500 $ 4,000 $52,000 $1,000 29,500 4,000 2,500 Abnormal rework loss $3,000

Explanation / Answer

Overhead Over applied 52000-40000 =12000 ________ Debit Manufacturing overhead 12000 ________ Debit NA _________ Debit NA _________ Debit NA _________ Credit Cost of Goods Sold 12000 _________ Credit NA _________ Credit NA _________ Credit NA

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