Swifty Company purchases $55,000 of raw materials on account, and it incurs $62,100 of factory labor costs. Supporting records show that (a) the Assembly Department used $31,900 of the raw materials and $38,200 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs.

Brief Exercise 21-03 Your answer is partially correct. Try again. Swifty Company purchases $55,000 of raw materials on account, and it incurs $62,100 of factory labor costs. Supporting records show that (a) the Assembly Department used $31,900 of the raw materials and $38,200 of the factory labor, and (b) the Finishing Department used the remainder. Manufacturing overhead is assigned to departments on the basis of 160% of labor costs. Journalize the assignment of overhead to the Assembly and Finishing Departments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit 2 Mar. 31 Work in Process - Assembly 61120 Work in Process - Finishing Manufacturing Overhead