Crystal Glassware Company has the following standards and flexible - budget data. Standard variable - overhead rate $ 6.00 per direct - labor hour Standard quantity of direct labor 2 hours per unit of output Budgeted fixed overhead $ 100,000 Budgeted output 25, 000 units Actual results for April are as follows: Actual output 20,000 units Actual variable overhead $ 320,000 Actual fixed overhead $ 97,000 Actual direct labor 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. Standard variable - overhead rate $ 6.00 per direct - labor hour Standard quantity of direct labor 2 hours per unit of output Budgeted fixed overhead $ 100,000 Budgeted output 25, 000 units Actual results for April are as follows: Actual output 20,000 units Actual variable overhead $ 320,000 Actual fixed overhead $ 97,000 Actual direct labor 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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