Problem 2-11. recording inventory Costs [lo 4, 5] Vulcan Molding produces molded rubber components. At the...
Problem 2-11. recording inventory Costs [lo 4, 5] Vulcan Molding
produces molded rubber components. At the start of the year, the
company estimated that it would incur $3,500,000 of direct labor
cost and $9,000,000 of manufacturing overhead. Overhead is
allocated to production on the basis of direct labor cost. Actual
materials used during the year were $5,750,000, actual direct labor
cost was $4,000,000, and actual overhead was $11,000,000.
Required
a. Calculate the overhead rate for the current year. Round to 2
decimal places.
b. Prepare the journal entry to record use of direct
material.
c. Prepare the journal entry to record direct labor.
d. Prepare the journal entry to record manufacturing overhead
applied to production.
e. Prepare the journal entry to close the balance in manufacturing
overhead to cost of goods sold.
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Problem 2-11. recording inventory Costs [lo 4, 5] Vulcan Molding
produces molded rubber components. At the...
Recording Inventory Costs [LO 4, 5] Vulcan Molding produces molded rubber components. At the start of...
Recording Inventory Costs [LO 4, 5] Vulcan Molding produces molded rubber components. At the start of the year, the company estimated that it would incur $3,500,000 of direct labor cost and $9,000,000 of manufacturing overhead. Overhead is allocated to production on the basis of direct labor cost. Actual materials used during the year were $5,750,000, actual direct labor cost was $4,000,000, and actual overhead was $11,000,000. REQUIRED a. Calculate the overhead rate for the current year. Round to 2 decimal...
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