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**Don't know how to determine journal entries for work in process-overhead and applied manufacturing overhead Forest Components makes aircraft parta. The tollowing transactions occurred in
**Don't know how to determine journal entries for work in process-overhead and applied manufacturing overhead
Forest Components makes aircraft parta. The tollowing transactions occurred in July 1. Purchased $16,850 of materials on account 2. Issued $16,710 in direct maternials to the production department. 3. Issuad $1,250 of supplies from the materials inventory. . Paid for the materiale purchased in transaction (1) using cash. 5. Returned $2,080 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees eamed $32,100, which was paid in cash. 7. Paid S17,270 for miscellaneous items for the manufacturing plant Accounts Payable was credited. 8. Recognized depreciation on manufacturing plant of $36,100 9. Applied manufacturing overhead for the month. Forest uses nomal costing. It applies overhead on the basis of direct labor costs using an annual, predetermined rate. At the beginning of the year, management estimated that direct labor coets for the year would be $434,400. Estimated overhead for the year was $412,680. The following balancas appeared in the inventory accounts of Foreet Components for July: Boginning Ending 7 12,590 10,630 Materials Inventory Finished Goods Inventory Cost of 2,610 Goods Soid a. Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Debit Credit Materia's inventery 16,850 Accounts payablo 16,850 16.710 Materials inventory 16,710 Manufactuting overhead control 1.250 1,250 Accounts payable 16,850 16,860 Matorias inventory 2,080 2.080 32.100 Manufactuting overhead control 17.270 Accounts payable 17,270 Manufactuting overhead control 30.100Step by Step Solution
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