The following transactions were incurred by Loumis Fabricators during January, the first month of its fiscal year. i)(Click the icon to view the transactions.) Requirements i More Info X 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? a. $170,000 of materials was purchased on account. Record the entry. (Record debits first, then credits. Exclude explanations from any journal entr a. $170,000 of materials was purchased on account. b. Journal Entry $158,000 of materials was used in production; of this amount, $140,000 was used on specific jobs. Date Accounts Debit Credit C. Manufacturing labor and salaries for the month totaled $235,000. A total of $190,000 of manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. d. The company recorded $20,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $7,000 which will be paid at a later date. e. $81,000 of manufacturing overhead was allocated to specific jobs. b. $158,000 of materials was used in production; of this amount, $140,000 were used on specific jobs. Record the entry. The company received a bill for CAD design services for $6,000. Journal Entry Print Done Date Accounts Debit Credit bc. Manufacturing labor and salaries for the month totaled $235,000. A total of $190,000 of manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory Record the entry Journal Entry i More Info X Date Accounts Debit Credit a. $170,000 of materials was purchased on account. 5 $158,000 of materials was used in production; of this amount, $140,000 was used on specific jobs. C. Manufacturing labor and salaries for the month totaled $235,000. A total of $190,000 of manufacturing labor and salaries was traced to specific jobs, d. The company recorded $20,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $7,000 which will be and the remainder was indirect labor used in the factory. d. The company recorded $20,000 of depreciation on the plant and plant Journal Entry equipment. The company also received a plant utility bill for $7,000 which will Date Accounts Debit Credit be paid at a later date. e. $81,000 of manufacturing overhead was allocated to specific jobs. The company received a bill for CAD design services for $6,000. Print DoneThe following transactions were incurred by Loumis Fabricators during January, the first month of its fiscal year. i (Click the icon to view the transactions.) i More Info - X Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? a. $170,000 of materials was purchased on account. b. $158,000 of materials was used in production; of this amount, $140,000 was e. $81,000 of manufacturing overhead was allocated to specific jobs. Record the entry. used on specific jobs. C. Manufacturing labor and salaries for the month totaled $235,000. A total of Journal Entry $190,000 of manufacturing labor and salaries was traced to specific jobs, Date Accounts Debit Credit and the remainder was indirect labor used in the factory. d. The company recorded $20,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $7,000 which will be paid at a later date. e $81,000 of manufacturing overhead was allocated to specific jobs. The company received a bill for CAD design services for $6,000. f. The company received a bill for CAD design services for $6,000. Record the entry. Print Done Journal Entry Date Accounts Debit Credit Requirement 2. Was manufacturing overhead overallocated or underallocated? By how much?Question Help The following transactions were incurred by Loumis Fabricators during January, the first month of its fiscal year. i (Click the icon to view the transactions.) i More Info - X Requirements 1. Record the proper journal entry for each transaction. 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? a. $170,000 of materials was purchased on account. Journal Entry b. $158,000 of materials was used in production; of this amount, $140,000 was Date Accounts Debit Credit used on specific jobs. C. Manufacturing labor and salaries for the month totaled $235,000. A total of $190,000 of manufacturing labor and salaries was traced to specific jobs, and the remainder was indirect labor used in the factory. d. The company recorded $20,000 of depreciation on the plant and plant equipment. The company also received a plant utility bill for $7,000 which will be paid at a later date. e. $81,000 of manufacturing overhead was allocated to specific jobs. f. The company received a bill for CAD design services for $6,000. Record the entry. f The company received a bill for CAD design services for $6,000. Journal Entry Date Accounts Debit Credit Print Done Requirement 2. Was manufacturing overhead overallocated or underallocated? By how much? During January, actual manufacturing overhead costs totaled . By the end of January, a total of had been allocated to jobs. Therefore, manufacturing overhead had been by Choose from any list or enter any number in the input fields and then continue to the next