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Goodson Corporation has the following beginning inventory balances: Raw Material Inventory = $450,000 Work In Process Inventory = $150,000 Finished Goods Inventory = $600,000 During
Goodson Corporation has the following beginning inventory balances: Raw Material Inventory = $450,000 Work In Process Inventory = $150,000 Finished Goods Inventory = $600,000 During the period, Goodson purchased $2,100,000 worth of raw materials and placed $2,250,000 worth of raw materials into production. Goodson incurred $1,295,000 in direct labor costs and applied $1,350,000 in overhead during the period. The cost of goods completed during the period was $4,800,000 and the cost of goods sold was $4,650,000. d. If actual overhead costs incurred during the period were $1,380,000, what journal entry would Goodson make to account for overapplied or underapplied overhead
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