Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jen's has the following transactions for the month of November 1) Purchased materials on account for $111,482 2) Materials Requisitioned for $82,383 3) Direct Labor
Jen's has the following transactions for the month of November 1) Purchased materials on account for $111,482 2) Materials Requisitioned for $82,383 3) Direct Labor for the month was incurred (but not yet paid) of $51,000 4) Actual Overhead for the month was $33,000. It has not been paid yet (Charge to Various Payables) 5) Overhead is applied to production at the rate of 70% of direct labor 6) Jobs totaling $56,000 were transferred from Work-in-Process to Finished Goods 7) Jobs costing $41,000 were sold. Balances at the beginning of the month were Materials Work-in-Process Finished Goods $ 17,890 8,321 Refer to Figure 5-8 What is the correct journal entry to record actual overhead for the month? Overhead Control 33,000 Various Payables 33,000 Ob.Various Payables 33,000 Oc Various Payable 33,000 33,000 Work-in-Frocess 33,000 Overhead Control 33,000 Work-in-Process Various Payables 33,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started