4 Crystal Glassware Company has the following standards and flexible-budget data.$18.00 per direct-labor hourStandard variable-overhead rateStandard quantity of direct laborBudgeted fixed overheadBudgeted outputActual results for April are as follows:Actual outputActual variable overheadActual fixed overheadActual direct labor$ 949,000$ 291,000$ 300,00020,000 units2 hours per unit of output25,000 units50,000 hoursRequired:Prepare journal entries for the following transactions.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.• Record the incurrence of actual variable overhead and actual fixed overhead.• Add variable and fixed overhead to Work-in-Process Inventory.• Close underapplied or overapplied overhead into Cost of Goods Sold.

The over-applied or under-applied manufacturing overhead is computed by comparing the actual…

Crystal Glassware Company has the following standards and flexible-budget data. $18.00 per direct-labor hour Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor 20,000 units $ 949,000 $ 291,000 300,000 25,000 units 2 hours per unit of output 50,000 hours Required: Prepare journal entries for the following transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. • Record the incurrence of actual variable overhead and actual fixed overhead. • Add variable and fixed overhead to Work-in-Process Inventory. • Close underapplied or overapplied overhead into Cost of Goods Sold.

Crystal Glassware Company has the following standards and flexible-budget data. $18.00 per direct-labor hour Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor 20,000 units $ 949,000 $ 291,000 300,000 25,000 units 2 hours per unit of output 50,000 hours Required: Prepare journal entries for the following transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. • Record the incurrence of actual variable overhead and actual fixed overhead. • Add variable and fixed overhead to Work-in-Process Inventory. • Close underapplied or overapplied overhead into Cost of Goods Sold.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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