Homework Answers
Journal Entry
| No | Transaction | General Journal | Debit | Credit |
| A | 1 | Applied manufacturing overhead | $2,616,000 | |
| Work-in-process inventory | $7,205 | |||
| Finished goods inventory | $17,030 | |||
| Cost of goods sold | $106,765 | |||
| Manufacturing overhead control | $2,485,000 |
Working notes:
1. Over or underapplied overheads
Applied manufacturing overheads = $2,616,000
Actutal manufacturing overheads = $2,485,000
Over applied overheads = $2,616,000 - $2,485,000 = $131,000
2. Allocation of overapplied overheads
Work-in-process = $131,000 * $497,750 / ($497,750+$1,176,500+$7,375,750) = $7,205
Finished goods inventory = $131,000 * $1,176,500 / ($497,750+$1,176,500+$7,375,750) = $17,030
Cost of goods sold = $131,000 * $7,375,750 / ($497,750+$1,176,500+$7,375,750) = $106,765
All the best...
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