D Chapter 2 HW Fairfield Company\'s Raw x -) C?? ezto.mheducation.com/hm.tpx 0.6

Question

D Chapter 2 HW Fairfield Company's Raw x -) C?? ezto.mheducation.com/hm.tpx 0.64 points Fairfiekd Company applies manufacturing overhead to products at a predetermined rate of $54 per direct labor hour.Its actual g costs for the most recent perod Direct materials Indirect materials Hourly labor wages Cost 82,000 14,700 Used on Jobs 101 and 102 Used on multiple jobs 900 hours@$27 per hour 230 hours for Job 101 260 hours for Job 102 410 hours for Job 103 s 6210 7.020 Factory supervision Production engineer Factory janitorial work Selling, general, and administrative salaries Other manufacturing overhead costs (factory rent, insurance, depreciation, etc ) 11070 24,300 3,850 5,700 1,900 9,700 6,700 Other selling general, and administrative costs (office rent, insurance, depreciation, etc) 4.800 1. Prepare the journal entry to close the Manufacturing Overhead account balance to Cost of Goods Sold. (if no entry is required for a transactionevent, select "No Jour the first account field.) view transaction list Journal entry worksheet Record the transfer of manufacturing overhead account balance to cost of goods sold. .7 Type here to search

Explanation / Answer

Manufacturing overhead Indirect materials 14,700 48,600 Applied overhead Factory supervision 3,850 production engineer 5,700 factory janitorial work 1,900 other MOH 6,700 balance 32,850 48,600 Applied overhead is calculated as follows total direct labor *$54 900*54 48600 Manufacturing overhead overapplied 15,750 1) Journal entry General Journal Debit Credit Manufacturing overhead 15,750 cost of goods sold 15,750 2) Decrease

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