Dorothy Huddle started Huddle Manufacturing Company to make a universal televisi

Question

Dorothy Huddle started Huddle Manufacturing Company to make a universal television remote control device that she had invented. The company%u2019s labor force consisted of part-time employees. The following accounting events affected Huddle Manufacturing Company during its first year of operation. (Assume that all transactions are cash transactions unless otherwise stated.)

Expected total overhead costs for the year to be $3,400, and direct labor hours used during the year to be 1,000. Calculate an overhead rate and apply the appropriate amount of overhead costs to Work in Process Inventory.

Started and completed 100 remote controls during the month; all costs were transferred from the Work in Process Inventory account to the Finished Goods Inventory account.

Transferred 950 additional remote controls that cost $12.74 each from the Work in Process Inventory account to the Finished Goods Inventory account.

Determine whether the overhead is over- or underapplied. Close the Manufacturing Overhead account to the Cost of Goods Sold account.

For each of the above transactions, post the effects to the appropriate T-accounts

Dorothy Huddle started Huddle Manufacturing Company to make a universal television remote control device that she had invented. The company%u2019s labor force consisted of part-time employees. The following accounting events affected Huddle Manufacturing Company during its first year of operation. (Assume that all transactions are cash transactions unless otherwise stated.)

Explanation / Answer

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