Iransactions during Year 2 1 Purchased $1,600 of raw materials with cash 2 Transferred $1 000 of raw materials to the production department 3 Incurred and paid cash for 80 hours of direct labor at $15 per hout 4 Applied overhead costs to Work in Process Inventory The predetermined overthead rate is $15 per direct labor hour 5 Incurred actual overhead costs of $1,300 eash 6 Completed work on 300 units for $7 20 per unit 7 Paid $400 in selling and administrative expenses in cash 8 Sold 200 units for $3,000 eash revenues (Assume LIFO cost flow ) Meadowbrook charges overapplied or underapplied overhead directly to Cost of Goods Sold Required

Question

Iransactions during Year 2 1  Purchased $1,600 of raw materials with cash  2  Transferred $1 000 of raw materials to the production department  3  Incurred and paid cash for 80 hours of direct labor at $15 per hout  4  Applied overhead costs to Work in Process Inventory  The predetermined overthead rate is $15 per direct labor hour  5  Incurred actual overhead costs of $1,300 eash  6  Completed work on 300 units for $7 20 per unit  7  Paid $400 in selling and administrative expenses in cash  8  Sold 200 units for $3,000 eash revenues  (Assume LIFO cost flow ) Meadowbrook charges overapplied or underapplied overhead directly to Cost of Goods Sold  Required

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Iransactions during Year 2 1. Purchased $1,600 of raw materials with cash. 2. Transferred $1.000 of raw materials to the production department. 3. Incurred and

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