Allocating manufacturing overhead
Refer to the data in E17-19. Brooks’ accountant found an error in her 2012 cost records. Depreciation on manufacturing property, plant, and equipment was actually $550,000, not the $600,000 she originally reported. Unadjusted balances at the end of 2012 include:
| Finished goods inventory | $ 131,000 |
| Cost of goods sold | 580,000 |
Requirements
1. Use a T-account to determine whether manufacturing overhead is underallocated or overallocated, and by how much.
2. Prepare the journal entry to close out the underallocated or overallocated manufacturing overhead.
3. What is the adjusted ending balance of Cost of goods sold?
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