Reference no: EM13825127
The company had the following transactions and events during its first year of operations. Estimated overhead for the year was $770,000; estimated direcl labor cost for the year was $350,000.
a) purchased materials on account, $5647,000
b) requisitioned materilas for production as follows: direct materials - 85 percent of purchases, indirect materials - 15 percent of purchases
c) direct labor for production is $331,000, indirect labor is $125,000
d) overhead incurred (not including materials or labor): $529,000. (Assume miscellaneous payables)
e) overhead is applied to production based on direct labor cost at the rate of _____ percent.
f) goods costing $976,000 were completed during the period
g) goods costing $513,200 were sold on account for $776,000
Required:
1. Prepared the journal entries to record these transactions for the year.
2. Prepare the journal entries to prorate the over-or underapplied overhead to the appropriate accounts assuming that amount of over-/under-applied overhead is immaterial.
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: The company had the following transactions and events during its first year of operations. Estimated overhead for the year was $770,000; estimated direcl labor cost for the year was $350,000. Prepared the journal entries to record these transactions ..
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