Preparing Journal Entries
Refer to the information presented in E2-14 for Verizox Company.
Required:
1. Prepare the journal entry to apply manufacturing overhead to Work in Process Inventory.
2. Prepare the journal entry to record actual manufacturing overhead costs. The credit can be to a generic account titled Cash, Payables, and so on.
3. Prepare the journal entry to transfer the Manufacturing Overhead account balance to Cost of Goods Sold. Does this increase or decrease Cost of Goods Sold? Why?
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