Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Gibson Company and Jordan Company...
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Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Gibson Company and Jordan Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is avallable for both companies for the year. Required a. Compute the predetermined overhead rate for each company. b. Using Traccounts, record the entry to close the overapplled or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Compute the predetermined overhead rate for each company. Noter: Round your answers to 2 decimal places. Complete this question by entering your answers in the tabs below. Using T-accounts, record the entry to close the overapplied or underapplied ove amounts are immaterial. Ad,usting Entry for Gibson Company Adjustima Entry for Jordan Company
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