Huckvale Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with two direct cost categories-direct materials and direct manufacturing labor and one indirect cost pool, manufacturing overhead costs. It provides the following information for April 2020: (Click the icon to view the information for 2020.) The following information is also available for 2020: (Click the icon to view the additional information.) Read the requirement. Present the journal entry for (a) usage of direct and indirect materials. (Record debits first, then credits. Explanations are not required.) (a) Data table Presen Journal Entry Accounts Debit Credit (b) Budgeted manufacturing overhead costs Budgeted direct manufacturing labor-hours 1,160,000 29,000 hours Pres Print Done - Actual direct materials used $ 20,000 (c) Actual direct manufacturing labor costs paid in cash $ 50,000 Indirect materials used $ 2,000 Supervision and engineering salaries paid in cash $ 49,000 Plant utilities and repairs paid in cash $ 7,000 Pres Plant depreciation $ 20,000 Actual direct manufacturing labor-hours 3,000 Cost of individual jobs completed and transferred to finished goods $ 230,000 Cost of goods sold $ 225,000 Requirement Present journal entries for (a) usage of direct and indirect materials, (b) manufacturing labor incurred, (c) manufacturing overhead costs incurred, (d) allocation of manufacturing overhead costs to jobs, (e), cost of jobs completed and transferred to finished goods, and (f) cost of goods sold. (Assume the cost allocation base is direct labor hours.) - ext

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Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.