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d) If actual overhead costs incurred during the period were $1,525,000, what journal entry would the company make to account for overapplied or underapplied overhead?

d) If actual overhead costs incurred during the period were $1,525,000, what journal entry would the company make to account for overapplied or underapplied overhead?

FINANCIAL ACCOUNTING
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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part d

Grevden Corporation has the following beginning inventory balances: Raw Material Inventory = $825,000 Work In Process Inventory = $160,000 Finished Goods Inventory = $940,000 1 During the period, Grexden purchased $3,100,000 worth of raw materials and placed $3,220,000 worth of raw materials into production. Greydon incurred $2,330,000 in direct labor costs and applied $1,500,000 in overhead during the period. The cost of goods completed during the period was $7,020,000 and the cost of goods sold was $7,160,000. a) What is the ending balance for raw materials inventory? 209 b) What is the ending balance for work in process inventory? 1,459 c) What is the ending balance for finished goods inventory? 25,820 d) If actual overhead costs incurred during the period were $1,525,000, what journal entry would the company make to account for overapplied or underapplied overhead?
Transcribed Image Text:Grevden Corporation has the following beginning inventory balances: Raw Material Inventory = $825,000 Work In Process Inventory = $160,000 Finished Goods Inventory = $940,000 1 During the period, Grexden purchased $3,100,000 worth of raw materials and placed $3,220,000 worth of raw materials into production. Greydon incurred $2,330,000 in direct labor costs and applied $1,500,000 in overhead during the period. The cost of goods completed during the period was $7,020,000 and the cost of goods sold was $7,160,000. a) What is the ending balance for raw materials inventory? 209 b) What is the ending balance for work in process inventory? 1,459 c) What is the ending balance for finished goods inventory? 25,820 d) If actual overhead costs incurred during the period were $1,525,000, what journal entry would the company make to account for overapplied or underapplied overhead?
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