Toole Corporation uses a job order costing system and allocates manufacturing overhead at a rate of $45
Question:
Toole Corporation uses a job order costing system and allocates manufacturing overhead at a rate of $45 per machine hour. During the period, the company used 1,200 machine-hours and actually incurred manufacturing overhead costs of $55,000.
a. Prepare a summary journal entry to record total manufacturing overhead allocated to jobs during the period.
b. Prepare a summary journal entry to record actual overhead costs incurred during the period (make the credit portion of the entry to “Various Accounts”).
c. Prepare the journal entry to close the Manufacturing Overhead account directly to Cost of Goods Sold at the end of the period.
Step by Step Answer:
a Work in Process Inventory 54000 Manufacturing Overhead 54000 To allocate manufacturi...View the full answer
Financial And Managerial Accounting The Basis For Business Decisions
ISBN: 9781260247930
19th Edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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