Provide the journal entry that would record the allocation of underapplied or overapplied among Work- in-Process,...

Transcribed Image Text:

Provide the journal entry that would record the allocation of underapplied or overapplied among Work- in-Process, finished goods, and cost of goods sold. Manufacturing overhead for the month was overapplied by $3,000. The company allocates any underapplied or overapplied overhead among Work-in-Process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Required: Townley Inc. has provided the following data for the month of February. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work-in- Finish Process ed Cost of Total Goods Goods Sold Direct materials $7,570 $19,20 $35,280 $62,05 0 8,810 24,000 44,100 76,910 Direct labor Manufacturing overhead applied Total 8.320 15.60 28.080 52.00 $24,700 $58,80 $107,460 $190,9 0 60 Provide the journal entry that would record the allocation of underapplied or overapplied among Work- in-Process, finished goods, and cost of goods sold. Manufacturing overhead for the month was overapplied by $3,000. The company allocates any underapplied or overapplied overhead among Work-in-Process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts. Required: Townley Inc. has provided the following data for the month of February. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work-in- Finish Process ed Cost of Total Goods Goods Sold Direct materials $7,570 $19,20 $35,280 $62,05 0 8,810 24,000 44,100 76,910 Direct labor Manufacturing overhead applied Total 8.320 15.60 28.080 52.00 $24,700 $58,80 $107,460 $190,9 0 60

Answer rating: 100% (QA)

Journal Entry to record the allocation of overapplied manufacturing ove... View the full answer