The Linneas Company uses a standard costing system. During 2021, the company incurred actual overhead of $575,000.
Question:
The Linneas Company uses a standard costing system. During 2021, the company incurred actual overhead of $575,000. The standard rate for applying overhead is $4.25 per unit, and 130,000 units were produced in 2021. One-third of the total overhead variance is attributed to the volume variance, and the remainder is attributed to the controllable overhead variance. Prepare the journal entries to record overhead incurred (you should credit “various accounts”) and the overhead variances.
Step by Step Answer:
Manufacturing Overhead 575000 Various accounts 575000 To record actual overhead ...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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