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X A Record the entry to apply overhead to work in process. B lote: Enter debits before credits. Transaction 2 Record entry General Journal Work in process inventory Factory overhead Clear entry Debit Credit View general journal

X A Record the entry to apply overhead to work in process. B lote: Enter debits before credits. Transaction 2 Record entry General Journal Work in process inventory Factory overhead Clear entry Debit Credit View general journal

FINANCIAL ACCOUNTING
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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Journal entry worksheet < Record the entry to apply overhead to work in process. B Note: Enter debits before credits. Transaction 2 Record entry General Journal Work in process inventory Factory overhead Clear entry Debit Credit View general journal
Transcribed Image Text:Journal entry worksheet < Record the entry to apply overhead to work in process. B Note: Enter debits before credits. Transaction 2 Record entry General Journal Work in process inventory Factory overhead Clear entry Debit Credit View general journal
Required Information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 70% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of Period $ 43,000 10, 200 63,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 52,000 21,300 35,600 $ 210,000 345,000 15,000 80,000 120,000 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the period.
Transcribed Image Text:Required Information [The following information applies to the questions displayed below.] The following information is available for ADT Company, which produces special-order security products and uses a job order costing system. Overhead is applied using a predetermined overhead rate of 70% of direct labor cost. Inventories Raw materials Work in process Finished goods Beginning of Period $ 43,000 10, 200 63,000 Cost incurred for the period Raw materials purchases Factory payroll Factory overhead (actual) Indirect materials used Indirect labor used Other overhead costs End of Period $ 52,000 21,300 35,600 $ 210,000 345,000 15,000 80,000 120,000 1. Incurred other actual overhead costs (all paid in Cash). 2. Applied overhead to work in process. Prepare journal entries for the above transactions for the period.
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