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H3Ko H3Ko
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Posts: 4891
3 years ago
Hosanna Furnishings finished Job A40, which involved $4,000 of direct materials and $600 of direct labor. Hosanna uses a predetermined overhead allocation rate based on 40% of direct labor costs. Provide the journal entry needed to record the completion of the job.
Textbook 

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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TanksTanks
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Posts: 2547
3 years ago
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Finished Goods Inventory   4,840   
        Work-in-Process Inventory             4,840

Explanation:
Direct labor costs   $600
Predetermined overhead allocation rate on direct labor cost   × 40%
Manufacturing overhead allocated   $240

Job cost of Job A40:
Direct materials   $4,000
Direct labor   600
Manufacturing overhead   240
Total cost of Job A40   $4,840
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wrote...
3 years ago
Really appreciate your help. Sorry for taking so long to thank you, you deserve the recognition.
wrote...
3 years ago
Good luck answering the rest, I noticed many others left
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3 weeks ago
thank you
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