Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 20X5 allocated…

Jacobs Company manufactures refrigerators. The company uses a budgeted indirect-cost rate for its manufacturing operations and during 20X5 allocated $1,000,000 to work-in-process inventory. Actual overhead incurred was $1,100,000.Ending balances in the following accounts are:Work-in-Process$ 100,000Finished Goods750,000Cost of Goods Sold4,150,000Required:a.Prepare a journal entry to write off the difference between allocated and actual overhead directly to Cost of Goods Sold. Be sure your journal entry closes the related overhead accounts.b.Prepare a journal entry that prorates the write-off of the difference between allocated and actual overhead using ending account balances. Be sure your journal entry closes the related overhead accounts.

Do you need an excellent essay or homework done for you?

All of our assignments are topnotch, unique, and plagiarism free.

If yes Order Paper Now