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

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

70.2K

Verified Solution

Question

Accounting

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 $ 3,770 $ 8,850 $ 47,370 $ 59,990
Direct labor 9,93024,180130,110164,220
Manufacturing overhead applied 6,52011,41063,57081,500
Total $ 20,220 $ 44,440 $ 241,050 $ 305,710
Manufacturing overhead for the month was overapplied by $7,450.
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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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

Accounting
1.2K views

On January ?1, Staley Utilities Company acquired a power plant at a total cost of $23,580,000?,...

Biology
1.2K views

13 Internal skull label bony elements only 15 Lateral skull label bony elements only

Physics
1.2K views

Two heating elements each of 220 V 3 5 kW rating are first joined in...

Physics
1.2K views

b A sphere of mass 1 kg moving at 3 m s overtakes another sphere...

Geometry
1.2K views

Find the tangent of ZZ Z 14 4 00 Y Write your answer in simplified...

Basic Math
1.2K views

The sum of three numbers is 69. If the second number is equal to the...

Statistics
1.2K views

he manager at a local fast food restaurant is doing an inventory of the breakfast...

Calculus
1.2K views

Consider the solid region E bounded from above by the surface x+y+z=4, bounded from the...

Calculus
1.2K views

Multiply in the indicated base 245 x 35 245 x 35 3 4 0 X01...

Algebra
1.2K views

solve the following equation on the interval 0

Accounting
1.2K views

7. The also known as the APR, is the effective or true annual interest rate...

Accounting
1.2K views

! Required information [The following information applies to the questions displayed below.] Henna...