Warwick Company has the following transactions for the month of September: Purchased materials on account for $220,384. Materials requisitioned for $91,562. Direct labor for the month was incurred (but not yet paid) of $69,000. Actual overhead for the month was $41,000. It has not been paid yet. (Charge to various payables.) Overhead is applied to production at the rate of 65% of direct labor. Jobs totaling $42,500 were transferred from Work-in-Process to Finished Goods. Jobs costing $23,000 were sold. Balances at the beginning of the month were: Materials 22,760 Work-in-Process 0 Finished Goods 10,040 What is the journal entry to record applied overhead for the month? a. Overhead Control44,850 Various Payables44,850 b. Various Payables44,850 Overhead Control44,850 c. Overhead Control44,850 Work-in-Process44,850 d. Work-in-Process44,850 Overhead Control44,850
Warwick Company has the following transactions for the month of September: Purchased materials on account for $220,384. Materials requisitioned for $91,562. Direct labor for the month was incurred (but not yet paid) of $69,000. Actual overhead for the month was $41,000. It has not been paid yet. (Charge to various payables.) Overhead is applied to production at the rate of 65% of direct labor. Jobs totaling $42,500 were transferred from Work-in-Process to Finished Goods. Jobs costing $23,000 were sold. Balances at the beginning of the month were: Materials 22,760 Work-in-Process 0 Finished Goods 10,040 What is the journal entry to record applied overhead for the month? a. Overhead Control44,850 Various Payables44,850 b. Various Payables44,850 Overhead Control44,850 c. Overhead Control44,850 Work-in-Process44,850 d. Work-in-Process44,850 Overhead Control44,850
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Warwick Company has the following transactions for the month of September:
Purchased materials on account for $220,384.
Materials requisitioned for $91,562.
Direct labor for the month was incurred (but not yet paid) of $69,000.
Actualoverhead for the month was $41,000. It has not been paid yet. (Charge to various payables.)
Overhead is applied to production at the rate of 65% of direct labor.
Jobs totaling $42,500 were transferred from Work-in-Process to Finished Goods.
Jobs costing $23,000 were sold.
Balances at the beginning of the month were:
What is thejournal entry to record applied overhead for the month?
Purchased materials on account for $220,384.
Materials requisitioned for $91,562.
Direct labor for the month was incurred (but not yet paid) of $69,000.
Actual
Overhead is applied to production at the rate of 65% of direct labor.
Jobs totaling $42,500 were transferred from Work-in-Process to Finished Goods.
Jobs costing $23,000 were sold.
Balances at the beginning of the month were:
| Materials | 22,760 |
| Work-in-Process | 0 |
| Finished Goods | 10,040 |
What is the
a.
Overhead Control44,850
Various Payables44,850
b.
Various Payables44,850
Overhead Control44,850
c.
Overhead Control44,850
Work-in-Process44,850
d.
Work-in-Process44,850
Overhead Control44,850
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