LCCC Inc. has provided the following data for the month of February. There were no...
90.2K
Verified Solution
Link Copied!
Question
Accounting
LCCC Inc. has provided the following data for the month of February. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.
Work-in-
Process
Finished Goods
Cost of Goods Sold
Total
Direct materials
$
7,570
$
19,200
$
35,280
$
62,050
Direct labor
8,810
24,000
44,100
76,910
Manufacturing overhead applied
8,320
15,600
28,080
52,000
Total
$
24,700
$
58,800
$
107,460
$
190,960
Manufacturing overhead for the month was overapplied by $3,000.
The company allocates any underapplied or overapplied overhead among Work-in-Process, Finished Goods, and Cost of Goods Sold at the end of the month on the basis of the overhead applied during the month in those accounts.
Required:
Provide the journal entry that would record the allocation of underapplied or overapplied among Work-in-Process, Finished Goods, and Cost of Goods Sold.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
