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Coyote Company Had the Following Selected Account Balances at the End

Question 97

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Coyote Company had the following selected account balances at the end of 2016:
Coyote Company had the following selected account balances at the end of 2016: a. Prepare the journal entry to dispose of the factory overhead balance assuming it is written off to Cost of Goods Sold. b. Prepare the journal entry to dispose of the factory overhead balance assuming it is allocated among Work in Process, Finished Goods, and Cost of Goods Sold based on ending balances. c. Which method of disposing of under- or overapplied factory overhead cost is more accurate? Explain.
a. Prepare the journal entry to dispose of the factory overhead balance assuming it is written off to Cost of Goods Sold.
b. Prepare the journal entry to dispose of the factory overhead balance assuming it is allocated among Work in Process, Finished Goods, and Cost of Goods Sold based on ending balances.
c. Which method of disposing of under- or overapplied factory overhead cost is more accurate?
Explain.

Correct Answer:

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a. Factory Overhead 63,000
Cost of Goods...

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