Newton Corporation uses a job order costing system and allocates manufacturing-overhead at a rate of $25 per machine hour. During the period, the company used 600 machine hours and actually incurred manufacturing overhead costs of $14,500:
a. Prepare a summary journal entry lo record total manufacturing overhead allocated to jobs during the period.
b. Prepare a summary journal entry to record actual overhead costs incurred during the period (make the credit portion of the entry to “Various Accounts”).
c. Prepare the journal -entry to close the Manufacturing Overhead account directly to Cost of Goods Sold at the end of the period.
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