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debit to Work in Process of $660 credit to Work in Process of $660 debit to Work in Process of $31,980

debit to Work in Process of $660 credit to Work in Process of $660 debit to Work in Process of $31,980

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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debit to Work in Process of $660 credit to Work in Process of $660 debit to Work in Process of $31,980 credit to Work in Process of $31,980
Transcribed Image Text:debit to Work in Process of $660 credit to Work in Process of $660 debit to Work in Process of $31,980 credit to Work in Process of $31,980
Bosshart Incorporated has provided the following data for the month of May. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Finished Cost of Goods Process Goods Sold Total Direct materials $10,670 11,630 9,680 $12,000 15,000 9,680 $ 81,120 101,400 68,640 $103,790 128,030 88,000 Direct labor Manufacturing overhead applied Total $31,980 $36,680 $251,160 $319,820 Manufacturing overhead for the month was underapplied by $6,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for May would include the following:
Transcribed Image Text:Bosshart Incorporated has provided the following data for the month of May. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Finished Cost of Goods Process Goods Sold Total Direct materials $10,670 11,630 9,680 $12,000 15,000 9,680 $ 81,120 101,400 68,640 $103,790 128,030 88,000 Direct labor Manufacturing overhead applied Total $31,980 $36,680 $251,160 $319,820 Manufacturing overhead for the month was underapplied by $6,000. The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The journal entry to record the allocation of any underapplied or overapplied manufacturing overhead for May would include the following:
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