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Author Question: Here is some basic data for Sarasota Manufacturing:Cost of materials purchases on account$75,000Cost ... (Read 36 times)

asan beg

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on: Jan 4, 2020
Here is some basic data for Sarasota Manufacturing:

Cost of materials purchases on account$75,000
Cost of materials requisitioned (includes $2,000 of indirect)43,000
Direct labour costs incurred75,000
Manufacturing overhead costs incurred, including indirect materials95,000
Cost of goods completed226,750
Cost of goods sold138,000
Beginning raw materials inventory   15,000
Beginning work in process inventory32,000
Beginning finished goods inventory31,000
Predetermined manufacturing overhead rate (as % of direct labour cost)125%

The journal entry to record actual manufacturing overhead costs includes a
◦ debit to work in process inventory for $93,750.
◦ debit to manufacturing overhead for $95,000.
◦ credit to manufacturing overhead for $93,750.
◦ credit to work in process inventory for $95,000.
Managerial Accounting, Canadian Edition ¦ Braun, Tietz, Pyper ¦ 2nd Edition
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Marked as best answer by asan beg on Jan 4, 2020

SVictor

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Reply #1 on: Jan 4, 2020
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asan beg

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Reply 2 on: Jan 4, 2020
Great answer, keep it coming :)

tanna.moeller

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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