Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. lccc inc. has provided the following data for the

LCCC Inc. has provided the following data for the month of February. There were no...

90.2K

Verified Solution

Question

Accounting

LCCC Inc. has provided the following data for the month of February. 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

$

7,570

$

19,200

$

35,280

$

62,050

Direct labor

8,810

24,000

44,100

76,910

Manufacturing overhead applied

8,320

15,600

28,080

52,000

Total

$

24,700

$

58,800

$

107,460

$

190,960

Manufacturing overhead for the month was overapplied by $3,000.

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students