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Applied vs. Actual Manufacturing Overhead Sloan Manufacturing Corporation applies manufacturing overhead on the basis of 120% of...

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Accounting

Applied vs. Actual Manufacturing Overhead

Sloan Manufacturing Corporation applies manufacturing overheadon the basis of 120% of direct labor cost. An analysis of therelated accounts and job order cost sheet indicates that during theyear total manufacturing overhead incurred was $420,000 and that atyear-end Work in Process Inventory, Finished Goods Inventory, andCost of Goods Sold included $60,000, $40,000, and $300,000,respectively, of direct labor incurred during the current year.

a. Determine the over-applied manufacturing overhead at year-end(assume it is significant).

Applied Manufacturing Overhead
Work in process$Answer
Finished goodsAnswer
Cost of goods soldAnswer
Total:$Answer

Over-applied manufacturing overhead $Answer_____

b. Prepare a journal entry to record the disposition of theover-applied manufacturing overhead.

General Journal
DescriptionDebitCredit
AnswerAnswerAnswer
AnswerAnswerAnswer
AnswerAnswerAnswer
AnswerAnswerAnswer

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