Question: Davis Manufacturing uses a standard cost system. The allocation base for overhead costs is direct labor hours. Actual variable manufacturing overhead costs were $50,000

Davis Manufacturing uses a standard cost system. The allocation base for overhead

Davis Manufacturing uses a standard cost system. The allocation base for overhead costs is direct labor hours. Actual variable manufacturing overhead costs were $50,000 and actual fixed overhead costs were $29,000. Allocated variable overhead costs (variable and fixed) was $71,000. What is the journal entry to record the overhead costs incurred? (Use Various Accounts to simplify the offsetting entry when several accounts could be involved.)

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