Use the following to answer questions Q30-Q31: The following journal entries wit

Question

Use the following to answer questions Q30-Q31:

The following journal entries without dollar data were taken from the accounting records of a company that has a job-order costing system in which overhead is applied to jobs using a predetermined overhead rate.

1.

Work in Process

XXX

Manufacturing Overhead

XXX

Wages Payable

XXX

2.

Salary Expense

XXX

Wages Payable

XXX

3.

Manufacturing Overhead

XXX

Accumulated Depreciation

XXX

4.

Work in Process

XXX

Raw Materials

XXX

5.

Work in Process

XXX

Manufacturing Overhead

XXX

6.

Manufacturing Overhead

XXX

Raw Materials

XXX

7.

Finished Goods

XXX

Work in Process

XXX

8.

Raw Materials

XXX

Accounts Payable

XXX

The entry to transfer the cost of goods manufactured for the period is:

1

4

7

5

The entry to record the application of overhead is:

1

5

6

3

1.

Work in Process

XXX

Manufacturing Overhead

XXX

Wages Payable

XXX

2.

Salary Expense

XXX

Wages Payable

XXX

3.

Manufacturing Overhead

XXX

Accumulated Depreciation

XXX

4.

Work in Process

XXX

Raw Materials

XXX

5.

Work in Process

XXX

Manufacturing Overhead

XXX

6.

Manufacturing Overhead

XXX

Raw Materials

XXX

7.

Finished Goods

XXX

Work in Process

XXX

8.

Raw Materials

XXX

Accounts Payable

XXX

Explanation / Answer

Entry to transfer the cost of goods manufactured is :

So answer is c) 7

2) Entry to record the application of overhead :

So answer is b) 5

Date accounts & explanation debit credit Finished goods Work in process

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