Dazzle, Inc. produces beads for jewelry-making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is: Direct materials used $ 104,000 Direct labor used 177,000 Predetermined overhead rate (based on direct labor) 160 % Goods transferred to finished goods 449,000 Cost of goods sold 461,000 Credit sales 980,000 A. Debit Work in Process Inventory $177,000; credit Factory Overhead $177,000. B. Debit Factory Overhead $283,200; credit Cash $283,200. C. Debit Work in Process Inventory $177,000; credit Cash $177,000. D. Debit Work in Process Inventory $283,200; credit Factory Overhead $283,200. E. Debit Work in Process Inventory $177,000; credit Factory Payroll $177,000.
Dazzle, Inc. produces beads for jewelry-making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is: Direct materials used $ 104,000 Direct labor used 177,000 Predetermined overhead rate (based on direct labor) 160 % Goods transferred to finished goods 449,000 Cost of goods sold 461,000 Credit sales 980,000 A. Debit Work in Process Inventory $177,000; credit Factory Overhead $177,000. B. Debit Factory Overhead $283,200; credit Cash $283,200. C. Debit Work in Process Inventory $177,000; credit Cash $177,000. D. Debit Work in Process Inventory $283,200; credit Factory Overhead $283,200. E. Debit Work in Process Inventory $177,000; credit Factory Payroll $177,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dazzle, Inc. produces beads for jewelry-making use. The following information summarizes production operations for June. The journal entry to record June production activities for overhead allocation is:
| Direct materials used | $ 104,000 |
| Direct labor used | 177,000 |
| Predetermined overhead rate (based on direct labor) | 160 % |
| Goods transferred to finished goods | 449,000 |
| Cost of goods sold | 461,000 |
| Credit sales | 980,000 |
A. Debit Work in Process Inventory $177,000; credit Factory Overhead $177,000.
B. Debit Factory Overhead $283,200; credit Cash $283,200.
C. Debit Work in Process Inventory $177,000; credit Cash $177,000.
D. Debit Work in Process Inventory $283,200; credit Factory Overhead $283,200.
E. Debit Work in Process Inventory $177,000; credit Factory Payroll $177,000.
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