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PLEASE REFER TO THE IMAGE AS TO WHAT THE JOURNAL ENTRY NEEDS TO LOOK LIKE Aspen Company estimates its manufacturing overhead to be $506,000 and
PLEASE REFER TO THE IMAGE AS TO WHAT THE JOURNAL ENTRY NEEDS TO LOOK LIKE
Aspen Company estimates its manufacturing overhead to be $506,000 and its direct labor costs to be $506,000 for year 2. Aspen worked on three jobs for the year. Job 2-1, which was sold during year 2, had actual direct labor costs of $244,650. Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $407,750. Job 2-3, which is still in work-in-process inventory, had actual direct labor costs of $163,100. Actual manufacturing overhead for year 2 was $802,300. Manufacturing overhead is applied on the basis of direct labor costs. Required: Prepare an entry to allocate over- or underapplied overhead to Work in Process, Finished Goods and Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is not complete. No Transaction General Journal Debit Credit A 1 Applied manufacturing overhead Work-in-process inventory Finished goods inventory Cost of goods sold Manufacturing overhead control Bolo 2,640 6,600Step by Step Solution
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