10 rt 2 of 4 2 nts eBook Print References A palance in the actory vertical account in on the accuracy payi actory wayesi ayamiy has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings Sales Cost of goods sold Factory overhead Operating expenses Totals Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Debit $ 76,000- 45,000 27,500 0 9,000 3,000 Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: 113,000 25,000 42,000 $340,500 $ Credit 10,100 13,100 J 30,000 80,000 207,300 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. $340,500 $ 4,000 direct materials to Job 402 $ 7,200 direct materials to Job 404 $ 2,200 indirect materials. $ 6,000 direct labor to Job 402 $14,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 2-a. Post any entries from part 1 related to factory overhead to the T-account below to determine the amount of under- or overapplied overhead for the year. Determine whether there is any under- or overapplied overhead for the year. 2-b. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold, assuming the amount is not material.
has not been recorded. After examining various files, the manager identfies the following six source documents that need to be processed to bring the accounting records up to dote. Jobs 402 and 404 are the only units in process at year end. The predetermined overthead rate is 150s of direct labor cost. 2-a. Post ary entries from part 1 related to factory overhead to the Traccount below to determine the amount of under-or overapplied overhead for the yeac. Determine whether there is any under-ot overapplied overhead for the yeat. 2.b. Prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold, assuming the amount is not material
