Moira Company has just finished its first year of operations and must decide which method to use for adjusting cost of goods sold. Because the company used a budgeted indirect-cost rate for its manufacturing operations, the amount that was allocated ($435,000) to cost of goods sold was different from the actual amount incurred ($425,000).
Ending balances in the relevant accounts were:
| Cost of Goods Sold | 680,000 |
Required:
| 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.
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