Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of...
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Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $320,000 and machine hours to be 16,000. Actual manufacturing overhead and machine hours were $351,000 and 17,000, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead account balance to cost of goods sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View tranzaction list Journal entry worksheet 1 2 Record the actual manufacturing overhead cost incurred. Note: Enter debits before credits. Transaction General Journal Debit Credit Cambridge Manufacturing Company applies manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $320,000 and machine hours to be 16,000. Actual manufacturing overhead and machine hours were $351,000 and 17,000, respectively. Required: 1. & 2. Prepare the journal entries for actual and applied manufacturing overhead and transfer of manufacturing overhead account balance to cost of goods sold. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. View tranzaction list Journal entry worksheet 1 2 Record the actual manufacturing overhead cost incurred. Note: Enter debits before credits. Transaction General Journal Debit Credit
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