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Prepare the journal entries needed based on the information below. Use the lesson example to assist you: Estimated overhead for the month: $10,000 Estimated direct
- Prepare the journal entries needed based on the information below. Use the lesson example to assist you:
- Estimated overhead for the month: $10,000
- Estimated direct labor hours: 10,000
- Purchased $30,000 of materials
- Requisitioned $25,000 of materials to be placed into production
- Incurred $95,000 of direct labor during the month (9,500 hours)
- Incurred the following actual factory overhead amounts:
- Utilities: $6,000
- Indirect materials: $300
- Indirect labor: $1,200
- Rent: $1,500
- Completed two jobs with a cost of $12,000
- Sold both jobs completed at a price = cost + 60%
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