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Rieb Incorporated has provided the following data for the month of September. There were no ...

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Rieb Incorporated has provided the following data for the month of September. There were no ...

Rieb Incorporated has provided the following data for the month of September. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month.

	Work In Process	Finished Goods	Cost of Goods Sold	Total
Direct materials	$ 3,870	$ 8,950	$ 47,470	$ 60,290
Direct labor	10,030	24,280	130,210	164,520
Manufacturing overhead applied	6,920	12,110	67,470	86,500
Total	$ 20,820	$ 45,340	$ 245,150	$ 311,310

Manufacturing overhead for the month was overapplied by $7,950.

The company allocates any underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the overhead applied during the month in those accounts.

Required:

Provide the journal entry that would record the allocation of underapplied or overapplied among work in process, finished goods, and cost of goods sold.

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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Katseye Author

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