Question
The Munchies Company uses a standard costing system. During 2021, the company incurred actual overhead of $570,000. The standard rate for applying overhead is $4.14
The Munchies Company uses a standard costing system. During 2021, the company incurred actual overhead of $570,000. The standard rate for applying overhead is $4.14 per unit, and 132, 900 units were produced in 2021. One-third of the total overhead variance is attributed to the volume variance and the remainder is attributed to the controllable overhead variance. Prepare the journal entries to record overhead incurred ( you should credit "various accounts") and the overhead variances. Please see the attached picture for what else is being asked. Please submit step by step calculations.
144-3692-677614 56125-Vquestion/3 estion 6 of 7 - 150 8 w Policies rent Attempt in Progress The Munchies Companyuses a standard costing system. During 2021, the company incurred actual overhead of $570,000. The standard rate for applying overhead is $4.14 per unit, and 132,900 units were produced in 2021. One-third of the total overhead variance is attributed to the volume variance, and the remainder is attributed to the controllable overhead variance. Prepare the journal entries to record overhead incurred (you should credit "various accounts"] and the overhead variances (Credit account titles are automatically indented when the amount is entered. Do not Indent manually) No. Account Titles and Explanation Debit Credit (To record actual overhead incurred) (To record overhood applied) (To close manufacturing overhead and record overhead writnoes) Tedbook and Media Assistance Used Listol AccountsStep by Step Solution
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