Smith, Inc. uses a predetermined overhead allocation rate of60%of direct labor costs. In January, Smith completed Job 22, which had direct labor costs of$1,700and Job 33 which had direct labor costs of$3,900.The journal entry for allocated manufacturing overhead costs for both jobs would be: A.Manufacturing Overhead2,340 Work−in−ProcessInventory 2,340 B.Manufacturing Overhead3,360 Work−in−ProcessInventory 3,360 C.Work−in−ProcessInventory2,340 Manufacturing Overhead 2,340 D.Work−in−ProcessInventory3,360 Manufacturing Overhead 3,360

Name: Smith, Inc. uses a predetermined overhead allocation rate of60%of di
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Description: Smith, Inc. uses a predetermined overhead allocation rate of60%of direct labor costs. In January, Smith completed Job 22, which had direct labor costs of$1,700and Job 33 which had direct labor costs of$3,900.The journal entry for allocated manufa

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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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Smith, Inc. uses a predetermined overhead allocation rate of

60%

of direct labor costs. In January, Smith completed Job 22, which had direct labor costs of

$1,700

and Job 33 which had direct labor costs of

$3,900.

The journal entry for allocated manufacturing overhead costs for both jobs would be:

Manufacturing Overhead	2,340
Work−in−Process Inventory		2,340

Manufacturing Overhead	3,360
Work−in−Process Inventory		3,360

Work−in−Process Inventory	2,340
Manufacturing Overhead		2,340

Work−in−Process Inventory	3,360
Manufacturing Overhead		3,360

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