Fifth edition Alnoor Bhimani Charles T. Horngren Srikant M. Datar Madhav V. Rajan Farah Ahamed



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2
Adjusting and closing entries
a
Work in progress control
€5,000 Manufacturing Department overhead control
1,000 Wages payable control
€6,000 To recognise payroll costs
b
Manufacturing Department overhead control
€1,000 Various accounts
€1,000 To recognise miscellaneous manufacturing overhead
c
Work in progress control
€3,000 Manufacturing overhead allocated
€3,000 To allocate manufacturing overhead
Note
: Students tend to forget entry (c) entirely. Stress that a budgeted overhead allocation rate is used consistently throughout the year. This point is a major feature of this problem.
d
Manufacturing overhead allocated
€93,000 Manufacturing Department overhead control
€87,000 To close manufacturing overhead accounts and overallocated overhead to cost of goods sold


Bhimani, Horngren, Datar and Rajan, Management and Cost Accounting, 5
th
Edition, Instructor’s Manual
© Pearson Education Limited An overview of the product-costing system is

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