During the year, the total actual cost of inventory produced for The Wood Legacy was $1,500,000 (assume no beginning or ending inventory balances). Actual manufacturing overhead was $300,000. Direct materials incurred during the year were $900,000, and direct labor costs were $350,000. The Wood Legacy uses a normal costing system and applies overhead at a rate of 100% of direct labor costs. The Wood Legacy's adjusting entry to manufacturing overhead at the end of the year would have been what type of entry? How much would the adjusting entry for Manufacturing Overhead be?

Answer rating: 100% (QA)

Solution The adjusting entry for Manufacturing Overhead at the end of ... View the full answer