Solution-Prepare journal entry to close out balance in

Prepare journal entry to close out balance in manufacturing

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Reference no: EM13890864

Happy Days Balloon Company incurred $167,000 of manufacturing overhead costs during the year just ended. However, only $145,000 of overhead was applied to production. At the conclusion of the year, the following amounts of the year's applied overhead remained in the various manufacturing accounts.

Applied Overhead Remaining in Account on December 31
Work-in-Process Inventory                      $29,000
Finished-Goods Inventory                        50,750
Cost of Goods Sold                                 65,250

Required: Prepare a journal entry to close out the balance in the Manufacturing Overhead account and prorate the balance to the three manufacturing accounts.

Reference no: EM13890864

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Prepare journal entry to close out balance in manufacturing

Reference no: EM13890864

Reference no: EM13890864

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