Teak Outdoor Furniture manufactures wood patio furniture. If the company reports the following costs for June 2014, what is the balance in the Manufacturing Overhead account before overhead is allocated to jobs? Prepare journal entries for overhead costs incurred in June.
Wood .................$ 250,000
Nails, glue, stain ............. 26,000
Depreciation on saws ........... 5,500
Indirect manufacturing labor ........ 38,000
Depreciation on delivery truck ........ 2,300
Assembly-line workers’ wages ....... 57,000