Problem 28 Part Level Submission H55 Company produces custom

Problem 2-8 (Part Level Submission) H55 Company produces custom windows to specifications provided by architects. At the end of its accounting period, its account balances indicated the following Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Manufacturing Overhead (credit balance) $88,000 80,000 30,000 390,000 50,000 (a) Determine the adjusted balances of the accounts if the balance in Manufacturing Overhead is considered immaterial in amount and assigned to Cost of Goods Sold Adjusted Balance Raw Material Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER SUBMIT ANSWER

Solution

Journal entry to assignment of manufactured overhead balance to cost of goods sold Date Account titles Debit Credit Manufacturing Overhead $50,000 Cost of good sold $50,000 The adjusted balances of the accounts are as under Raw Material Inventory $88,000 Work in Process Inventory $80,000 Finished Goods Inventory $30,000 Cost of good sold [$390000 - $50000] $340,000