Toole Corporation uses a job order costing system and allocates manufacturing overhead at a rate of $45 per machine hour. During the period, the company used 1,200 machine-hours and actually incurred manufacturing overhead costs of $55,000. Prepare the summary journal entry: a. To record the total manufacturing overhead allocated to jobs during the period. b. To record the actual overhead costs incurred during the period (make the credit portion of the entry to "Various Accounts"). c. To close the Manufacturing Overhead account directly to Cost of Goods Sold at the end of the period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Toole Corporation uses a job order costing system and allocates manufacturing overhead at a rate of $45 per machine hour. During the period, the company used 1,200 machine-hours and actually incurred manufacturing overhead costs of $55,000. Prepare the summary journal entry: a. To record the total manufacturing overhead allocated to jobs during the period. b. To record the actual overhead costs incurred during the period (make the credit portion of the entry to "Various Accounts"). c. To close the Manufacturing Overhead account directly to Cost of Goods Sold at the end of the period. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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