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Applied vs. Actual Manufacturing Overhead Davis Manufacturing Corporation applies manufacturing overhead on...

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Accounting

Applied vs. Actual Manufacturing Overhead
Davis Manufacturing Corporation applies manufacturing overhead on the basis of 150% of direct labor cost. An analysis of the related accounts and job order cost sheet indicates that during the year total manufacturing overhead incurred was $882,000 and that at year-end Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold included $112,000, $56,000, and $392,000, respectively, of direct labor incurred during the current year.
a. Determine the under applied manufacturing overhead at year-end (assume it is significant).
Applied Manufacturing Overhead
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Finished goods Answer
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Cost of goods sold Answer
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Under-applied manufacturing overhead $Answer
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b. Prepare a journal entry to record the disposition of the underapplied manufacturing overhead.
General Journal
Description Debit Credit
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