Antoine Machining estimated its manufacturing overhead to be $ and its direct materials costs to be $ in Year Three of the jobs that Antoine Machining worked on in Year had actual direct materials costs of $ for Job AM $ for Job AM and $ for Job AM For Year actual manufacturing overhead was $ and total direct materials cost was $ Manufacturing overhead is applied to jobs on the basis of direct materials costs using predetermined rates.
Overhead applied in each of the inventory accounts is as follows:
Workinprocess inventory $
Finished goods inventory
Cost of goods sold
Required:
Prepare an entry to allocate the under or overapplied overhead.
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
