Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fairfield Company applies manufacturing overhead to products at a predetermined rate of $54 per direct labor hour. Its actual manufacturing costs for the most recent

image text in transcribed

Fairfield Company applies manufacturing overhead to products at a predetermined rate of $54 per direct labor hour. Its actual manufacturing costs for the most recent period are summarized here: Total Cost 90,000 13,600 Item Description Direct materials Used on Jobs 101 and 102 Indirect materials Used on multiple jobs Hourly labor wages 930 hours @ $27 per hour 230 hours for Job 101 = $ 6,210 290 hours for Job 102 = 7,830 410 hours for Job 103 = 11,070 Factory supervision Production engineer Factory janitorial work Selling, general, and administrative salaries Other manufacturing overhead costs (factory rent, insurance, depreciation, etc.) Other selling, general, and administrative costs (office rent, insurance, depreciation, etc.) 25, 110 3,550 5,000 1,300 8,800 6,600 4.400 1. Prepare the journal entry to close the Manufacturing Overhead account balance to Cost of Goods Sold. (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet Record the transfer of manufacturing overhead account balance to cost of goods sold. Note: Enter debits before credits. Transaction Credit General Journal Manufacturing Overhead Cost of Goods Sold Debit 20,850 20,850 Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

What magazine and ads did you choose to examine?

Answered: 1 week ago