Rieb Inc. 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. Cost of Goods Total $ 59,990 164,220 81,500 $ 305,710 Work In Process Finished Goods Sold Direct materials Direct labor $ 3,770 9,930 6,520 $ 20,220 $ 8,850 24,180 2$ 47,370 130,110 63,570 $ 241,050 Manufacturing overhead applied 11,410 Total $ 44,440 Manufacturing overhead for the month was overapplied by $7,450. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 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. Debit Credit General Journal Transaction
Rieb Inc. 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. Cost of Goods Total $ 59,990 164,220 81,500 $ 305,710 Work In Process Finished Goods Sold Direct materials Direct labor $ 3,770 9,930 6,520 $ 20,220 $ 8,850 24,180 2$ 47,370 130,110 63,570 $ 241,050 Manufacturing overhead applied 11,410 Total $ 44,440 Manufacturing overhead for the month was overapplied by $7,450. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 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. Debit Credit General Journal Transaction
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
20
Transcribed Image Text:Rieb Inc. 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.
Cost of Goods
Work In Process Finished Goods
Sold
Total
Direct materials
$ 3,770
$ 8,850
24,180
11,410
47,370
130,110
63,570
$ 241,050
$ 59,990
164,220
81,500
$
Direct labor
9,930
Manufacturing overhead applied
6,520
Total
$ 20,220
$ 44,440
$ 305,710
Manufacturing overhead for the month was overapplied by $7,450.
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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
View transaction list
Journal entry worksheet
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.
Debit
Credit
General Journal
Transaction
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