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help asap!!! Marian Manufacturing ( 2M ) applies manufacturing overhead to jobs based on direct labor costs. For Year 2, 2M estimates its manufacturing overhead
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Marian Manufacturing ( 2M ) applies manufacturing overhead to jobs based on direct labor costs. For Year 2, 2M estimates its manufacturing overhead to be $425,880 and its direct labor costs to be $819,000. 2M worked on three jobs for the year. Job 2M1, which was sold during Year 2, had actual direct labor costs of $767,250. Job 2M2. which was completed but not sold at the end of the year, had actual direct labor costs of $516,150. Job 2M3, which is still in work-in-process inventory, had actual direct labor costs of $111,600. Actual manufacturing overhead for Year 2 was $761,200. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process. Finished Goods and Cost of Goods Sold Note: If no entry is required for a transaction/event, select "No journal entry required" in the first occount field. manufacturing overhead to be $425,880 and its direct labor costs to be $819,000.2M worked on three jobs for the year. Job 2M1, which was sold during Year 2 , had actual direct labor costs of $767,250. Job 2M2. which was completed but not sold at the end of the year, had actual direct labor costs of $516,150. Job 2M3, which is still in work-in-process inventory, had actual direct labor costs of $111,600. Actual manufacturing overhead for Year 2 was $761,200. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold Note: If no entry is required for a transoction/event, select "No journol entry required" in the first account field. Journal entry worksheet Record the allocation of over- or underapplied overhead. Note: Enter debits before credits Step by Step Solution
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