Author Question: Daniel Company uses a job cost system. The overhead account shows a $4,500 overallocated balance at ... (Read 68 times)

bcretired · **on:** Jan 4, 2020

Daniel Company uses a job cost system. The overhead account shows a $4,500 overallocated balance at the end of the year. Actual overhead incurred was $95,000. Other balances are:

Ending raw materials

$10,000

Work in process inventory at end of year

30,000

Finished goods inventory at end of year

45,000

Cost of goods sold for year

$275,000

The entry to close manufacturing overhead would include a
◦ debit to manufacturing overhead for $4,500.
◦ credit to manufacturing overhead for $4,500.
◦ credit to cost of goods sold for $4,500.
◦ debit to cost of goods sold for $4,500.

batool · **Reply #1 on:** Jan 4, 2020

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