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Prepare an entry to allocate over- or underapplied overhead

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Reference no: EM13515634

Prorate Over- or Underapplied Overhead

Aspen Company estimates its manufacturing overhead to be $625,000 and its direct labor costs to be $500,000 for year 2. Aspen worked on three jobs for the year. Job 2-1, which was sold during year 2, had actual direct labor costs of $195,000. Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $325,000. Job 2-3, which is still in work-in-process inventory, had actual direct labor costs of $130,000. Actual manufacturing overhead for year 2 was $825,000. Manufacturing overhead is applied on the basis of direct labor costs.

Prepare an entry to allocate over- or underapplied overhead to:

a. Work in Process.

b. Finished Goods.

c. Cost of Goods Sold.

Reference no: EM13515634

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