Dacosta Corporation had only one job in process on May 1. The job had been charged with $2,200 of direct materials, $6,966 of direct labor, and $10,048 ofmanufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $19.20 per direct labor-hour.During May, the following activity was recorded:Raw materials (all direct materials):Beginning balancePurchased during the monthUsed in production$ 8,900$38,400$39,700Labor:Direct labor-hours worked during the month2,300Direct labor cost incurred$24,910$33,700Actual manufacturing overhead costs incurredInventories:Raw materials, May 30Work in process, May 3e$17,041Work in process inventory on May 30 contains $3,813 of direct labor cost. Raw materials consist solely of items that are classified as direct materials.The cost of goods manufactured for May was:Multiple Choice Rieb Inc. has provided the following data for the month of September. There were no beginning inventories; consequently, the directmaterials, direct labor, and manufacturing overhead applied listed below are all for the current month.Cost of GoodsSold$TotalWork In Process Finished Goods$8,85024,18011,410$ 44,440$ 59,990164,22081,500$ 305,710$ 3,77047,370130,11063,570Direct materialsDirect labor9,9306,520$ 20,220Manufacturing overhead appliedTotal$ 241,050Manufacturing overhead for the month was overapplied by $7,450.The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold atthe end of the month on the basis of the overhead applied during the month in those accounts.Required:Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, andcost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)View transaction listJournal entry worksheetRecord the journal entry to allocate the underapplied or overapplied overheadamong work in process, finished goods, and cost of goods sold.

Name: Dacosta Corporation had only one job in process on May 1. The job had
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Description: Dacosta Corporation had only one job in process on May 1. The job had been charged with $2,200 of direct materials, $6,966 of direct labor, and $10,048 ofmanufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined

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Dacosta Corporation had only one job in process on May 1. The job had been cha manufacturing overhead cost. The company assigns overhead cost to jobs using During May, the following activity was recorded: Raw materials (all direct materials): Beginning balance Purchased during the month Used in production $ 8,900 $38,400 $39,700 Labor: Direct labor-hours worked during the month 2,300 Direct labor cost incurred $24,910 Actual manufacturing overhead costs incurred $33,700 Inventories:

Dacosta Corporation had only one job in process on May 1. The job had been cha manufacturing overhead cost. The company assigns overhead cost to jobs using During May, the following activity was recorded: Raw materials (all direct materials): Beginning balance Purchased during the month Used in production $ 8,900 $38,400 $39,700 Labor: Direct labor-hours worked during the month 2,300 Direct labor cost incurred $24,910 Actual manufacturing overhead costs incurred $33,700 Inventories:

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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