Enter the following entries for the month of July. A. Cash sales of inventory: $800. The...
Enter the following entries for the month of July.
A. Cash sales of inventory: $800. The cost of inventory sold was $350.
B. Selling and Administrative expenses incurred and paid: $1,200.
C. Raw Materials purchased on account: $2,560.
D. Materials requisitioned and used in production: $980.
E. Direct Labor wages incurred during July: $2,875. Direct Labor wages actually paid in July were $2,000.
F. Factory Overhead was allocated to Work in Process Inventory at a predetermined overhead allocation rate of 60% of Direct Labor costs incurred during July.
G. The cost of product completed and moved to the Finished Goods Inventory: $4,675.
H. Sales on account: $2,000. The cost of the units sold was $975.
I. Actual Factory Overhead costs for the month of July totaled $2,600. (All paid in cash.)
What would the journal entry for part F and part I look like?
Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| F | Work in process (2875*60%) | 1725 | |
| Manufacturing overhead | 1725 | ||
| (To record applied overhead) | |||
| I | Manufacturing overhead | 2600 | |
| Cash | 2600 | ||
| (To record actual overhead) |
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Enter the following entries for the month of July.
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