Saved O You received partial cre Exercise 11-33 Journal Entries for Overhead (Ap

Question

Saved O You received partial cre Exercise 11-33 Journal Entries for Overhead (Appendix A) (LO 11-8) Starlight Glassware Company has the following standards and flexible-budget data Standard variable-overhead $ 800,: hour hours per unit of output rate Standard quantity of di labor Budgeted fixed overhead Budgeted output $156.00o 26000 units Actuai results for February are os follaws 9000 units Actual output Actual variable$409000 overhead Actual fixed S 148 00o overhead Actual direct lobor 50,000 hours Required: Prepare journal entries for the following transactions. (if no entry is required for a transaction event, select No journat entry requiredt in the first account field.) . Record the lincurrence of actue vandble overhead and actual fixed overnead Add veriable and fixed overhead to Worksin Process inventory Ciose underapplied or overbppliec overhead into Cost of Goods Sod o2

Explanation / Answer

Journal Entry S.no. Accounts title and explanations Debit $ Credit $ a Factory Overheads Account (Variable)Dr. 409,000 Factory Overheads (Fixed) Account Dr. 148000       Accounts payable 557,000 b Work In process Inventory Dr. 550,000      Factory Overheadsd (Variable) Account 400,000      Factory Overheads (fixed) Account 150,000 c Cost of Goods sold Account Dr. 9000      Factory Overheads (Vvariable) Account 9,000 Facatory Overheads (Fixed) 2000      Cost of goods sold 2,000 Note: Factory Overheads (fixed) rate per hour: Budgeted output: 26000 Std hour pr unit 2 Budgeted DLH 52000 Budgeted OH 156000 Std rate per DLH 3

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