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07.04.2020 •
Business
The following account appears in the ledger after only part of the postings have been completed for July, the first month of the current fiscal year: Work in Process July1 Balance 60,200 Direct materials 147,000 Direct labor 120,000 Factory overhead is applied to jobs at the rate of 60% of direct labor cost. The actual factory overhead incurred for July was $75,000. Jobs completed during the month totaled $301,200. a. Prepare the journal entries to record (1) the application of factory overhead to production during July and (2) the jobs completed during July.
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Ответ:
Journal entries
Explanation:
The journal entries are as follows
1) Work in Process Dr $72,000
To factory overhead $72,000
(Being the application of factory overhead is recorded)
It is computed below:
= $120,000 × 60%
= $72,000
(2) Finished Goods $301,200
To Work in Process $301,200
(Being the job completed during July is recorded)
Only these two above entries are passed
Ответ: