Business, 27.02.2020 22:27 CrunchyBreadstick

He 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) 460,000 (b) 390,000 Bal. 15,000 (c) 710,000
260,000
Bal. 70,000 85,000
(b) 390,000
Bal. 40,000

Finished Goods Cost of Goods Sold
Bal. 50,000 (c) 640,000 (d) 640,000
(c) 640,000
Bal. 50,000

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 $19,500
Finished goods, ending $58,500
Cost of goods Sold $312,000
Overhead applied $390,000

For example, of the $40,000 ending balance in work in process, $19,500 was overhead that had been applied during the year.
Assume that the company closes any balance in the manufacturing overhead account directly to cost of goods sold. Prepare the necessary journal entry.

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He following information is taken from the accounts of Latta Company. The entries in the T-accounts...

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