Author Question: Here is selected data for Lorelei Corporation:Cost of raw material purchased$75,000Cost of ... (Read 41 times)

karateprodigy · **on:** Jan 4, 2020

Here is selected data for Lorelei Corporation:

Cost of raw material purchased	$75,000
Cost of requisitioned direct materials	41,000
Cost of requisitioned indirect materials	2,000
Direct labour	75,000
Manufacturing overhead incurred	95,000
Cost of goods completed	226,750
Cost of goods sold	138,000
Beginning raw materials inventory	15,000
Beginning work in process inventory	32,000
Beginning finished goods inventory	31,000
Manufacturing overhead allocation rate (based on direct labour)	125%

At Lorelei Corporation the journal entry to close manufacturing overhead would include a
◦ debit to manufacturing overhead for $1,450.
◦ credit to cost of goods sold for $1,250.
◦ debit to cost of goods sold for $1,250.
◦ debit to work in process inventory for $1,250.

catron30 · **Reply #1 on:** Jan 4, 2020

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