Business, 04.07.2020 23:01 promathninja20

Floral Foundry uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following:Manufacturing overhead costs. . . . . . . .$640,000Direct labor cost. . . . . . . . . . . . . . . . . . . $1,600,000Machine hours. . . . . . . . . . . . . . . . . . . . . 80,000At the end of the year, the company had actually incurred the following:Direct labor cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,190,000Depreciation on manufacturing plant and equipment. . . . . . . . . . . . . . . . . . . . . . . . $490,000Property taxes on plant. . . . . . . . . . . . . . . . . . . . . . $19,500Sales salaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $24,000Delivery drivers' wages. . . . . . . . . . . . . . . . . . . . . .$16,500Plant janitors' wages. . . . . . . . . . . . . . . . . . . . . . . . $8,500Machine hours. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,000 hoursFloral's accountant found an error in the expense records from the year reported. Depreciation on manufacturing plant and equipment was actually $ 410 comma 000â€‹, not the $ 490,000 that had originally been reported. The unadjusted Cost of Goods Sold balance atâ€‹ year-end was $550,000. The manufacturing overhead allocated to jobs was $ 452,000.Required:a. Prepare the journal entry to record manufacturing overhead costs incurred. b. Prepare the journal entry to record the manufacturing overhead allocated to jobs in production. c. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated and by how much. d. Record the entry to close out the underallocated or overallocated manufacturing overhead. e. What is the adjusted ending balance of Cost of Goods Sold?f. Prepare the journal entry to record manufacturing overhead costs incurred.

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