Fle Edit View History Bookmarks People Window Help *?sesD Mon 11:40PM shows what

Question

Fle Edit View History Bookmarks People Window Help *?sesD Mon 11:40PM shows what is correct and incorrect for the work you have completed so far the work you have done so fer is correct, you may not heve completed everying Cambridge Manufacturing Company apples manufacturing overhead on the basis of machine hours. At the beginning of the year, the company estimated its total overhead cost to be $269,800 and machine hours to be 14.200. Actual manufacturing overhead and machine hours were $299,800 and 15,200, respectively Required: 1. & 2. Prepare the journal entries for overhead. (f no entry is required for a transactionievent, select "No Journal Entry Required in the first account field.) 3 Answer is not complete. Manufacturing Overhead Cash, Payables etc 200800? Work in Process Inventory 299.800 Manufacturing Overhead 2 3 4 5

Explanation / Answer

Estimated manufacturing overhead        269,800 Estimated Machine hours           14,200 budgeted manufacturing overhead rate per hour                  19 Journal entries in the books; Transaction Account's tittle Debit $ Credit $ a Manufacturing overhead        299,800 Cash            299,800 ( Actual overhead incurred ) b Work -in process ( 15,200 machine hours x $ 19 )        288,800 Manufacturing overhead            288,800 ( Manufacturing overhead applied to the production based on estimation ) c Cost of goods sold ( $ 299,800 - $ 288,800)           11,000 Manufacturing overhead               11,000 ( under-applied overhead charged to cost of goods sold)

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