In December 2012, Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $1,800,000, and direct labor costs, $500,000. At year end 2013, the company's records show that actual overhead costs for the year are $1,608,800. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released 400,000 $4 Movies still in production 50,000 Total actual direct labor cost $450,000 Exercise 15-14 Part 4 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. :*****: View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec. 31 Factory overhead Cost of goods sold

In December 2012, Infovision established its predetermined overhead rate for movies produced during year 2013 by using the following cost predictions: overhead costs, $1,800,000, and direct labor costs, $500,000. At year end 2013, the company's records show that actual overhead costs for the year are $1,608,800. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released 400,000 $4 Movies still in production 50,000 Total actual direct labor cost $450,000 Exercise 15-14 Part 4 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. :*****: View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec. 31 Factory overhead Cost of goods sold

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Description: In December 2012, Infovision established its predetermined overhead rate for moviesproduced during year 2013 by using the following cost predictions: overhead costs,$1,800,000, and direct labor costs, $500,000. At year end 2013, the company's record

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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