Starlight Glassware Company has the following standards and flexible-budget data. ...
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Accounting
| Starlight Glassware Company has the following standards and flexible-budget data. |
| Standard variable-overhead rate | $ | 6.00 | per direct-labor hour |
| Standard quantity of direct labor | 2 | hours per unit of output | |
| Budgeted fixed overhead | $ | 100,000 | |
| Budgeted output | 25,000 | units | |
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| |||
| Actual results for February are as follows: |
| Actual output | 20,000 | units | |
| Actual variable overhead | $ | 308,000 | |
| Actual fixed overhead | $ | 92,000 | |
| Actual direct labor | 51,000 | hours | |
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| |||
| Required: |
| Prepare journal entries for the following transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) |
| Record the incurrence of actual variable overhead and actual fixed overhead. |
| Add variable and fixed overhead to Work-in-Process Inventory. |
| Close underapplied or overapplied overhead into Cost of Goods Sold. |
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