adjust the manufacturing overhead account

prepare the journal entry and post thr transactions to T-account

Cedar River Trikes manufactures three-wheeled bikes for adults. The company allocates manufacturing overhead based on machine hours. Cedar River expects to incur $250,000 of manufacturing overhead costs, and to use 10,000 machine hours during 2018. Cedar River reported the following inventory balances at May 31, 2018: Raw Materials Inventory $25,000 Work-in-Process Inventory $18,000 Finished Goods Inventory $43,000 During June, 2018, Cedar River actually used 1,100 machine hours. Predetermined overhead allocation rate Total estimated overhead costs/Total estimated machine hours $ 250,000 Total estimated overhead costs 10,000 Total estimated machine hours $ 25 Predetermined overhead allocation rate Date Credit Account/Explanation Raw Materials Inventory Accounts Payable Purchased materials on account, $140,000 Debit 140,000 (a) 140,000 (b) 110,000 Work-in-Process Inventory Raw Materials Inventory Used direct materials, $110,000 110,000 (c) 75,200 4,800 Work-in-Process Inventory Manufacturing Overhead Wages Payable Manufacturing wages incurred totaled $80,000; 94% was direct labor and 6% was indirect labor. 80,000 (d) 5,500 Manufacturing Overhead Raw Materials Inventory Used indirect materials, $5,500 5,500 (e) 22,000 Manufacturing Overhead Accounts Payable incurred other manufacturing overhead on account, $22,000 22,000 ) 27,500 27,500 Work-in-Process Inventory Manufacturing Overhead Allocated manufacturing overhead for June 2018. Machine hours: 1,100 during June. OH Rate: $25/hour. 220,000 Finished Goods Inventory Work-in-Process Inventory $220,000 of trikes were completed during June. 220,000 (h) 450,000 Accounts Receivable Sales Revenue Sold $450,000 of trikes on account. 450,000 245,000 245,000 Cost of Goods Sold Finished Goods Inventory Sold $450,000 of trikes on account. The cost of the trikes sold was $245,000 Accounts Receivable 450,000 Sales Revenue Accounts Payable 140,000 22,000 162,000 450,000 450,000 450,000 Wages Payable bal. Raw Materials Inventory 140,000 110,000 5,500 24,500 80,000 Manufacturing Overhead 4,800 27,500 5,500 22,000 80,000 bal. Work-in-Process Inventory 110,000 220,000 75,200 27,500 4,800 -7,300 Cost of Goods Sold 245,000 Finished Goods Inventory 220,000 245,000 bal. 245,000! -25,000