Question
Labor costs associated with accounting personnel need to be recorded. Which of the following entries would be used to record this event? Group of answer
Labor costs associated with accounting personnel need to be recorded. Which of the following entries would be used to record this event?
Group of answer choices
debit Work in process inventory; credit Wages payable
debit Cost of goods sold; credit Wages payable
debit Manufacturing overhead; credit Wages payable
debit Wages expense; credit Wages payable
Indirect materials are placed in production. Which of the following entries would be used to record this event?
Group of answer choices
debit Manufacturing overhead; credit Raw materials inventory
debit Raw materials inventory; credit Work in process inventory
debit Raw materials inventory; credit Manufacturing overhead
debit Work in process inventory; credit Raw materials inventory
Flex Company applies manufacturing overhead using a normal costing approach. The predetermined overhead rate for Flex Company is $15 per direct labor hour. Estimated direct labor hours for the year totaled 100,000 and actual direct labor hours for the year totaled 110,000. Actual overhead costs for the year totaled $1,400,000. How much in overhead costs were applied to products for the year?
Group of answer choices
$2,100,000
$1,650,000
$1,500,000
$1,400,000
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