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PLEASE!!! Lou's Wood Products assembles log homes. Its job costing system has two direct cost categories direct materials and direct manufacturing labor) and one indirect-cost
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Lou's Wood Products assembles log homes. Its job costing system has two direct cost categories direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead is allocated at a budgeted $30 per machine-hour in 2019). The following data pertains to operations in 2017: Direct Materials Control, beginning balance, Jan 1, 2019 12,000 Direct Materials Control, ending balance, Dec 31, 2019 18,000 Work-in-Process Control, beginning balance, Jan 1, 2019 2,000 Work-in-Process Control, ending balance, Dec 31, 2019 7,000 Finished Goods Control, beginning balance, Jan 1, 2019 6,000 Finished Goods Control, ending balance, Dec 31, 2019 4,000 Direct Materials purchased on credit 150,000 Direct manufacturing labor 90,000 Indirect manufacturing labor 35,000 Miscellaneous manufacturing overhead incurred 9,000 Depreciation on plant and manufacturing equipment 19,000 Manufacturing overhead allocated based on 2,500 actual machine hours Advertising expense 10,000 Marketing expense 20,000 Revenues 500,000 Prepare the journal entries to summarize the 2019 transactions. Show posted Taccounts for Direct Materials Control, Work in Process, Finished Goods, Manufacturing Overhead Control, Manufacturing Overhead Allocated and Cost of Goods Sold, Advertising expense and Marketing expense Prepare the journal entry to close out the Manufacturing Overhead Control and Manufacturing Overhead Allocated Is the Manufacturing Overhead over or under allocated for 2019Step by Step Solution
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