What is the correct journal entry

Assignment Help Accounting Basics
Reference no: EM132075218

Question - Sim's Fabricating Company is a new company that needs to make a decision about the method to use in adjusting cost of goods sold. Because the company used a budgeted indirect-cost rate for its manufacturing operations, the amount that was allocated ($200 000) was different from the actual amount incurred ($225 000).

Ending balances in the relevant accounts were:

Work-in-process $10000

Finished Goods 20000

Cost of Goods Sold 170000

What is the correct journal entry to prorate the write off of the difference between allocated and actual overhead using the pro-rata approach?

Reference no: EM132075218

Questions Cloud

Implementing an innovation strategy : What are the key issues that should be addressed in implementing an innovation strategy?
Calculate the process capability index value : Using a sample of 100 items the average process output is 4.5 with a sample standard deviation of 0.5. The LSL = 2.0 and the USL = 6.0.
Define health insurance portability and accountability act : Defend the laws and standards you applied to your Week 4 Health Insurance Portability and Accountability Act (HIPAA) Violations assignment.
Calculate its book value at the end of year : A machine that cost $540,000 has an estimated residual value of $60,000 and an estimated useful life of six years. Calculate its book value at the end of year 5
What is the correct journal entry : What is the correct journal entry to prorate the write off of the difference between allocated and actual overhead using the pro-rata approach
Adopt a style of leadership : Can we adopt a style of leadership to meet the expectations of the new generations.
Expectations of the new generations : Can we adopt a style of leadership to meet the expectations of the new generations.
How long will the plan take to be implemented : Before beginning to develop your strategic goal, it is important to understand your objectives. In other words, as you choose your Strategic Goal.
Project management fail to work : What type of companies can project management fail to work

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entries to record these transactions

Purchased raw materials on account for $200,000. Prepare the journal entries to record these transactions

  Determine the gross profit on the peterson case assuming

the law firm of clark and lankau accumulates costs associated with individual cases using a job order cost system. the

  Discuss about the capital of the company

NM & Co., chartered accountants were appointed as the auditors of a public limited company in their Annual General Meeting.

  Cumulative total net cash earnings for the past five years

alpha company is considering the purchase of beta company. alpha has collected the following data about betabeta

  Prepare an updated what if total contribution margin income

Prepare an updated ‘what if' total contribution margin income statement. Would this change be a good financial move for his business? Please explain.

  Maddox specialty company a division of lost world inc

maddox specialty company a division of lost world inc. manufactures three models of gear shift components for bicycles

  Develop a company and determine what it will produce

Develop a company and determine what it will produce and sell. The requirement for this company is that it be a high-end, special-order type of manufactured.

  What is your capital gains yield on the given stock

You have received a total of $630 in dividends and $14,620 in proceeds from selling the shares. What is your capital gains yield on this stock?

  How is average collection period computed

How is accounts receivable turnover computed? How is average collection period computed?

  On january 1 of the current year palm corporation purchased

on january 1 of the current year palm corporation purchased the net assets of vickis unincorporated business for

  Prepare the appropriate entries for both poole and allied

Prepare the appropriate entries for both Poole and Allied on December 31, 2012, 2013, and 2014, assuming the conveyer is returned to Allied at the end of the lease and the actual residual value on that date is $105,000.

  Mont sells cans of mixed nuts a typical can has 100 nuts

mont sells cans of mixed nuts. a typical can has 100 nuts. in the past 5 of the nuts were cashews but now mont is

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd