View Policies

Current Attempt in Progress

TheAccustartCompany uses a standard costing system. During 2021, the company incurred actual overhead of $570,600. The standard rate for applying overhead is $4.17per unit, and133,500units 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.

No. Account Titles and Explanation Debit Credit

enter an account title enter a debit amount enter a credit amount

account title debit amount credit amount

enter an account title to record actual overhead incurred

(To record actual overhead incurred)

2.

account title debit amount credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title to record overhead applied

3.

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

(To close manufacturing overhead and record overhead variances)

List of Accounts

Assistance Used

• Accounts Payable
• Accounts Receivable
• Controllable Overhead Variance
• Cost of Goods Sold
• Finished Goods Inventory
• Labor Efficiency Variance
• Labor Rate Variance
• Material Price Variance
• Material Quantity Variance
• Manufacturing Overhead
• Various Accounts
• Overhead Volume Variance
• Raw Materials Inventory
• Wages Payable
• Work in Process Inventory