Length:1 Excel file with 2 worksheets
Points Possible:
125 Due Date:5/12/2013 11:59:59 PM CT APA formatted reference Due: May 8th 3:00 a.m.
The accounting period has just ended and youâin the accounting departmentâare
preparing journal entries for the transactions that took place during the month.
Make sure to include entries that affect the COGS account.
- Prepare the proper journal entries in an Excel file, including Notes, and
properly update the T-accounts affected by each of the following journal
entries.- $50,000 of direct labor was expended.
- $100,000 of direct materials were used.
- $80,000 was spent on overhead expenses.
- Using the predetermined overhead rate, $60,000 of overhead was charged to
the period.
- Was overhead underapplied or overapplied? Explain.
- If there is anything left in the overhead account, what could be done with
those dollars? - Based on this period’s results, do you think the predetermined overhead rate
should be changed for the rest of the year? Why or why not?
Please submit your assignment.
The following grading criteria will be used:
|
Grading Guidelines |
|
|
40% |
Prepare the proper journal entries in an Excel
|
|
30% |
Was overhead underapplied or overapplied? Explain. |
|
10% |
If there is anything left in the overhead account, what could be done with |
|
20% |
Based on this period’s results, do you think the predetermined overhead rate |
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