90.2K

Verified Solution

Link Copied!

Please help! And please explain how to get answers so I can learn how to do it on future problems. Thanks in advance! I'll be sure to give a thumbs up.

The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Work in Process 377,000 409,000 Bal. (c) 761,800 105,600 210,600 Bal. 32,000 115,700 (b) 409,000 Bal. 79,100 Cost of Goods Sold Finished Goods Bal. 161,000 761,800 (d) 825,800 (d) 825,800 Bal. 97,000 The overhead that had been applied to production during the year is distributed among the ending balances in the accounts as follows: $ Work in process, ending Finished goods, ending Cost of goods Sold 24,540 49,080 335,380 Overhead applied $ 409,000 For example, of the $79,100 ending balance in work in process, $24,540 was overhead that had been applied during the year. Required: 1. Identify the reasons for entries (a) through (d). Reason Entry (a) 2. Assume that the company closes any balance in the manufacturing overhead account directly to cost of goods sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal

Answer & Explanation Solved by verified expert

See Answer