The final amounts were in for Marigold Corp's foed-MOH costs. The total fixed-MOH costs consisted of $3,100 of insurance (all prepaid), $4,200 in accrued supervisor salaries, $4,600 of factory-related depreciation, and $1,400 in property taxes (paid in cash). Marigold's applied fixed-MOH costs amounted to $14,400 for the year. Further, both fixed-MOH variances were favorable, the price variance being $300 and the volume variance being $800. Record the following journal entries: (1) to recognize the actual fixed-MOH costs incurred, (2) the allocation of fixed-MOH to production, and (3) the final recognition of specific fixed-MOH variances (while closing out the control account). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no-entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries)

The final amounts were in for Marigold Corp's foed-MOH costs. The total fixed-MOH costs consisted of $3,100 of insurance (all prepaid), $4,200 in accrued supervisor salaries, $4,600 of factory-related depreciation, and $1,400 in property taxes (paid in cash). Marigold's applied fixed-MOH costs amounted to $14,400 for the year. Further, both fixed-MOH variances were favorable, the price variance being $300 and the volume variance being $800. Record the following journal entries: (1) to recognize the actual fixed-MOH costs incurred, (2) the allocation of fixed-MOH to production, and (3) the final recognition of specific fixed-MOH variances (while closing out the control account). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no-entry is required, select "No Entry for the account titles and enter O for the amounts. List all debit entries before credit entries)

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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