Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis...

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Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company

Req1 Req 2A Reg 28 Prepare a journal entry to dose the companys underapplied or overapplied overhead to Cost of Goods Sold.

business accounting

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Answer 1

Answer #1

a) T account

Manufacturing overhead				Work in process
Maintenance	25000	189600	Applied overhead (2.4*79000)	Direct material	750000
Indirect material	8400			Direct labor	94000
Indirect labor	70000			Manufacturing overhead	189600
Utilities	32000
Insurance	7400
Depreciation	50000

Balance	3200

1b) Under applied overhead = $3200

2) Adjusting entry

Date	account and explanation	Debit	Credit
	Cost of goods sold	3200
	Manufacturing overhead		3200
	(To record under applied overhead)

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Answer 2

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