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Score: 43 out of 43 points (100%) 15. award: 2 out of 2.00 points Exercise 19-11 Adjusting factory overhead LO P4 The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system. April 30 May 31 Inventories Raw materials $ 39,000 $ 51,000 Goods in process 9,600 20,500 Finished goods 62,000 35,200 Activities and information for May Raw materials purchases (paid with cash) 191,000 Factory payroll (paid with cash) 410,000 Factory overhead Indirect materials 12,000 Indirect labor 78,000 Other overhead costs 103,500 Sales (received in cash) 1,300,000 Predetermined overhead rate based on direct labor cost 50% Determine whether there is over or underapplied overhead using T-accounts. *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Factory Overhead Indirect materials 12,000 Indirect labor 78,000 Other overhead costs 103,500 166,000 Applied overhead Underapplied overhead 27,500 Prepare journal entry to allocate (close) overapplied or underapplied overhead to Cost of Goods Sold.

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