Question

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 (a) 375,000 (0) 427.000 Bal. (0) 777,200 105,100 209.100 Bal. 52.000 115,800 427.000 Bal. 79,800 Finished Goods Cost of Goods Sold Bal. 153,000 777,200 (d) 832,200 (0) 832,200 Bal. 98,000 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 34,160 68,320 324,520 Overhead applied $ 427,000 For example, of the $79,800 ending balance in work in process. $34.160 was overhead that had been applied during the year Required: 1. Identify the reasons for entries (a) through (d). Entry Reason (b)

Answer 1

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Entry:	Reason
a.	Actual manufacturing cost for the year
b.	Manufacturing overhead applied to work - in - process
c.	Cost of goods manufactured for the year
d.	Cost of goods sold for the year