Direct materials Direct labor Manufacturing overhead applied Total Manufacturing overhead for the month was overapplied by $7,300. $ 3,740 9,900 6,400 $ 20,040 $ 8,820 24,150 11,200 $ 44,170 $ 47,340 130,080 62,400 $ 239,820 $ 59,900 164,130 80,000 $ 304,030
Direct materials Direct labor Manufacturing overhead applied Total Manufacturing overhead for the month was overapplied by $7,300. $ 3,740 9,900 6,400 $ 20,040 $ 8,820 24,150 11,200 $ 44,170 $ 47,340 130,080 62,400 $ 239,820 $ 59,900 164,130 80,000 $ 304,030
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Topic Video
Question
A
![Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently,
the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
Direct materials.
Direct labor
Manufacturing overhead applied
Total
View transaction list
Journal entry worksheet
Manufacturing overhead for the month was overapplied by $7,300.
The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at
the 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, and
cost of goods sold.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
1
Record the journal entry to allocate the underapplied or overapplied overhead
among work in process, finished goods, and cost of goods sold.
Note: Enter debits before credits.
Transaction
1
Work in process
Finished goods
Work In Process Finished Goods
$ 3,740
$ 8,820
24,150
11,200
9,900
6,400
$ 20,040
$ 44,170
General Journal
Cost of goods sold
Manufacturing overhead
Record entry
Clear entry
Debit
Credit
Cost of Goods
Sold
View general journal
$ 47,340
130,080
62,400
$ 239,820
>
Total
$ 59,900
164,130
80,000
$ 304,030](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2712b8fb-a8e3-4bba-9fd3-39ebd6974c0c%2Fd1a416ef-36b4-46d7-9f5d-2dbf78e8d1d9%2Fd894eug_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently,
the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
Direct materials.
Direct labor
Manufacturing overhead applied
Total
View transaction list
Journal entry worksheet
Manufacturing overhead for the month was overapplied by $7,300.
The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at
the 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, and
cost of goods sold.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
1
Record the journal entry to allocate the underapplied or overapplied overhead
among work in process, finished goods, and cost of goods sold.
Note: Enter debits before credits.
Transaction
1
Work in process
Finished goods
Work In Process Finished Goods
$ 3,740
$ 8,820
24,150
11,200
9,900
6,400
$ 20,040
$ 44,170
General Journal
Cost of goods sold
Manufacturing overhead
Record entry
Clear entry
Debit
Credit
Cost of Goods
Sold
View general journal
$ 47,340
130,080
62,400
$ 239,820
>
Total
$ 59,900
164,130
80,000
$ 304,030
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education