LINK TO TEXT LINK TO TEXT Account Titles and Explanation Debit Credit LINK TO TE

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Account Titles and Explanation

Debit

Credit

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Tombert Decorating uses a job order cost system to collect the costs of its interior decorating business. Each client’s consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year.
Estimated overhead $990,000 Actual overhead $1,073,800 Estimated decorator hours 40,000 Actual decorator hours 40,200
The company uses Operating Overhead in place of Manufacturing Overhead.

Explanation / Answer

1 Estimated overhead / Estimated decorator hours $990,000/40000 24.75 2 General Journal Debit Credit Work in process 994950 Manufacturing/ operating overhead 994950 40200*24.75 3 Actual overhead less applied overhead 1,073,800 - 994950 78850 under applied

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