Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 70,000 39,000 24,500 0 6,000 2,000 Req 2A Credit Req 2B $ 8,900 11,900 20,000 92,000 178,700 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,900 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,200 indirect materials $7,000 direct labor to Job 402 $ 13,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 108,000 25,000 37,000 $ 311,500 $ 311,500 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead Determine the amount of over- or underapplied overhead. < Prev S 17 18 19 of 19 HH HH Next >

Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 70,000 39,000 24,500 0 6,000 2,000 Req 2A Credit Req 2B $ 8,900 11,900 20,000 92,000 178,700 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,900 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,200 indirect materials $7,000 direct labor to Job 402 $ 13,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 108,000 25,000 37,000 $ 311,500 $ 311,500 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead Determine the amount of over- or underapplied overhead. < Prev S 17 18 19 of 19 HH HH Next >

Accounting Information Systems
Accounting Information Systems
10th Edition
ISBN:9781337619202
Author:Hall, James A.
Publisher:Hall, James A.
Chapter2: Introduction To Transaction Processing
Section: Chapter Questions
Problem 21MCQ
See similar textbooks
icon
Related questions
Question
! Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $70,000 39,000 24,500 0 6,000 2,000 Req 2A Credit Req 2B $ 8,900 11,900 20,000 92,000 178,700 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: $4,900 direct materials to Job 402 $ 7,400 direct materials to Job 404. $ 2,200 indirect materials $7,000 direct labor to Job 402 Labor time ticket 53: Labor time ticket 54: $ 13,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 108,000 25,000 37,000 $ 311,500 $ 311,500 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead Determine the amount of over- or underapplied overhead. < Prev 17 18 19 of 19 Next >
Transcribed Image Text:! Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $70,000 39,000 24,500 0 6,000 2,000 Req 2A Credit Req 2B $ 8,900 11,900 20,000 92,000 178,700 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: $4,900 direct materials to Job 402 $ 7,400 direct materials to Job 404. $ 2,200 indirect materials $7,000 direct labor to Job 402 Labor time ticket 53: Labor time ticket 54: $ 13,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. 108,000 25,000 37,000 $ 311,500 $ 311,500 2-a. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead. Determine the amount of over- or underapplied overhead. 2-b. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. In Factory Overhead T-account, enter amounts from part 1 related to factory overhead Determine the amount of over- or underapplied overhead. < Prev 17 18 19 of 19 Next >
Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory. Work in process inventory. Finished goods inventory Prepaid rent Accou Accounts payable Notes payable Comme Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. View transaction list No Debit $ 70,000 39,000 24,500 View journal entry worksheet 0 6,000 2,000 Transaction 108,000 25,000 37,000 $ 311,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: $ 4,900 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,200 indirect materials $7,000 direct labor to Job 402 Labor time ticket 53: $ 13,000 direct labor to Job 404 $5,000 indirect labor Labor time ticket 54: Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Credit Required: 1. Use the document information above to prepare journal entries for the above costs. B General Journal $ 8,900 11,900 20,000 92,000 178,700 $ 311,500 < Prev Debit S Credit 16 17 18 19 of 19 # ‒‒‒ MacBook Pro Ⓡ ******** Next >
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory. Work in process inventory. Finished goods inventory Prepaid rent Accou Accounts payable Notes payable Comme Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals a. Direct materials. b. Direct labor. c. Overhead applied. d. Indirect materials. e. Indirect labor. View transaction list No Debit $ 70,000 39,000 24,500 View journal entry worksheet 0 6,000 2,000 Transaction 108,000 25,000 37,000 $ 311,500 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: $ 4,900 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,200 indirect materials $7,000 direct labor to Job 402 Labor time ticket 53: $ 13,000 direct labor to Job 404 $5,000 indirect labor Labor time ticket 54: Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Credit Required: 1. Use the document information above to prepare journal entries for the above costs. B General Journal $ 8,900 11,900 20,000 92,000 178,700 $ 311,500 < Prev Debit S Credit 16 17 18 19 of 19 # ‒‒‒ MacBook Pro Ⓡ ******** Next >
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Transaction cycles
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS