Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of...

Transcribed Image Text:

Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the company estimated its total overhead cost to be $310,000 and machine hours to be 15,500. Actual manufacturing overhead machine hours were $348,000 and 16,500, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead ac balance to cost of goods sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the company estimated its total overhead cost to be $310,000 and machine hours to be 15,500. Actual manufacturing overhead machine hours were $348,000 and 16,500, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead ac balance to cost of goods sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.

Answer rating: 100% (QA)

1 Journal entry for actual manufacturing overhead Manufacturing Overhe... View the full answer