Rieb Incorporated has provided the following data for the month of September. There were no beginning...

 

Transcribed Image Text:

Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Manufacturing overhead applied Direct labor Total Work In Process Cost of Goods Sold $ 47,290 130,030 60,450 $ 3,690 9,850 6,200 Finished Goods $ 8,770 24,100 10,850 $ 19,740 $ 43,720 $ 237,770 Manufacturing overhead for the month was overapplied by $7,050. Total $ 59,750 163,980 77,500 $ 301,230 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: Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, and cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal 1 1 Manufacturing overhead Finished goods Cost of goods sold No journal entry required Debit Credit 7,050 987 5,499 564 Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Manufacturing overhead applied Direct labor Total Work In Process Cost of Goods Sold $ 47,290 130,030 60,450 $ 3,690 9,850 6,200 Finished Goods $ 8,770 24,100 10,850 $ 19,740 $ 43,720 $ 237,770 Manufacturing overhead for the month was overapplied by $7,050. Total $ 59,750 163,980 77,500 $ 301,230 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: Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, and cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal 1 1 Manufacturing overhead Finished goods Cost of goods sold No journal entry required Debit Credit 7,050 987 5,499 564