Understanding Overhead Allocations and Journal Entries in

School: Texas State University - Course: ACC 3365 - Subject: Accounting

1a.8,800,000/220,000 = $40 (Budgeted Rate) 1b. 8,400,000/200,000 = $42 (Actual Allocation Rate) Can't know actual overhead rate costs until the end of the period 2a.NormalLagunaMission DM$106,550$127,450 DL$36,250$41,130 Allocated OH(Budgeted)$38,800$40,000 $181,600$208,580 $40 (970) = $38,800 and $40 (1,000) = $40,000
2b. DM$106,550$127,450 DL$36,250$41,130 Allocated OH (Actual)$40,740$42,000 $183,540$210,580
1)Prepare journal entries. Number your entries. Explanations for each entry may be omitted. Post to T-accounts. What is the ending balance of Work-in-Process Control? $31 (3) = $93 (manufacturing overhead allocating (3,000,000)) Overhead Allocated (Budgeted) = $93 Overhead Control (Actual) = $94 Since Actual > Budgeted, overhead was under allocated, so you'd have debit COGS for X1) Materials Control $154 Accounts Payable $154 2)Work in Process $152 Materials Control$152 3)Overhead Control $19 Materials Control$19 4)Work in Process $96 Salaries and Wages Payable$96 5)Overhead control $34 Salaries and Wages Payable$34 6)Overhead Control $28 Accumulated Depreciation$28 7)Overhead Control $13 Various Liability Accounts$13 8)Work in Process $93 Overhead Allocated$93 9)Finished Goods $298 Work in Process$298 10a)Cash or Accts Rec $410 Sales Revenue$410 10b)Cost of goods sold $294 Finished Goods$294

Expert's Answer

Your future, our responsibilty submit your task on time.

Order Now

Need Urgent Academic Assistance?

Price Starts from $10 Per Page

*
*
*
*

TOP
Order Notification

[variable_1] from [variable_2] has just ordered [variable_3] Assignment [amount] minutes ago.