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Problem 5-17 Applying Overhead; Journal Entries; Disposition of Underapplied or Overapplied Overhead [LO4, LO5, LO7]...

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Accounting

Problem 5-17 Applying Overhead; Journal Entries; Disposition of Underapplied or Overapplied Overhead [LO4, LO5, LO7]
The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year.
Manufacturing Overhead
(a)432,000(b)475,000
Bal. 43,000
Work in Progress
Bal. 118,000(c)825,000
223,000
128,000
(b)475,000
Bal. 119,000
Finished Goods
Bal. 179,500(d)878,500
(c)825,000
Bal. 126,000
Cost of Goods Sold
(d)878,500
The overhead applied to production during the year is distributed among the ending balances in the accounts as follows:
Work in Process, ending $ 47,500
Finished Goods, ending 71,250
Cost of Goods Sold 356,250
Overhead applied $ 475,000
For example, of the $119,000 ending balance in Work in Process, $47,500 was overhead applied during the year.

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