3 eztomheducation com/hmtpx Fairfield company applies manutacturing overhead to

Question

3 eztomheducation com/hmtpx Fairfield company applies manutacturing overhead to products at a predetermined rate of $50 per direct labor hour Its manufacturing costs for the most recent period are summarized here: Total Cost Item Description 60,000 Used on Jobs 101 and 102 Direct materials 30,000 Used on multiple jobs 750 hours $25 per hour Hourly labor wages $6,000 200 hours for Job 101 9,000 300 hours for Job 102 7,500 22,500 250 hours for Job 103 4,000 Factory supervision 8,000 Production engineer 2,500 Factory janitorial work 9,000 Selling, general, and administrative salaries 7,500 Other manufacturing overhead costs (factory rent, insurance, depreciation, etc.) 6,000 other Selling, general, and administrative costs (office rent, insurance, depreciation, etc.) 1. Prepare the journal entry to close the Manufacturing overhead account balance to Cost of Goods Sold. (If no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the transfer of manufacturing overhead account balance to cost of goods sold. Transaction General Journal Debit Credit

Explanation / Answer

Farifield Company (All amounts in $) Total Manufacturing Overheads Direct Materials 60000 Indirect Materials 30000 Hourly Labour Wages 22500 Factory Supervision 4000 Production Engineer 8000 Factory Janitorial Work 2500 Other Manufacturing Overheads 7500 134500 Journal Entry Cost of Goods Sold A/c DR 134500 To Manufacturing Overheads A/c 134500

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