Refer to the information presented in E2 7 for Cambridge manufacturing
Refer to the information presented in E2-7 for Cambridge manufacturing company.

Information from E2-7
Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $325,000 and machine hours to be 25,000. Actual manufacturing overhead and machine hours were $372,000 and 26,000, respectively.

Required:
1. Prepare the journal entries to record actual and applied manifesting overhead.
2. Prepare the journal entry to transfer the overhead balance to Cost of Goods Sold.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help