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Daane Company had only one job in process on May 1. The job had been...

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Accounting

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Daane Company had only one job in process on May 1. The job had been charged with $1.000 of direct materials. 53.302 direct labor, and $5,382 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $20.70 per direct labor-hour, During May, the following activity was recorded: $8.500 $20,000 528.400 Raw materials (all direct materials: Beginning balance Purchased during the month Uned in production Labor Direct laber-hours worked during the month Direct laber cost incurred Actual manufacturing overhead costs incurred Inventories: Raw materials, May 30 Work in process, May 30 1,500 $19,050 529,700 $13,362 Work in process inventory on May 30 contains $2,921 of direct labor cost. Raw materials consist solely of items that are classified as direct materials The entry to dispose of the underapplied or overapplied manufacturing overhead cost for the month would include O credit of $1,350 to Manufacturing Overhead. credit of $4.761 to Manufacturing Overhead. O debit of $4,761 to Manufacturing Overhead. debit of $1,350 to Manufacturing Overhead

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