Why should the Overhead accounts under-applied or over-applied overhead be transferred to the Cost of Goods Sold account?
Why should the Overhead accounts under-applied or over-applied overhead be transferred to the Cost of Goods Sold account?
Rhile Industries, Inc., produces colorful and stylish nursing un
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Rhile Industries, Inc., produces colorful and stylish nursing uniforms. During September, Rhile Industries completed the following transactions:
Sept.1Purchased direct materials on account, $59,400.
3Requested direct materials costing $26,850 for production (all for Job A).
4Purchased indirect materials costing, $22,830.
8Issued checks for the following overhead costs: utilities, $4,310; manufacturing insurance, $1,925; and repairs, $4,640.
10Requested direct materials costing $29,510 (all used on Job A) and indirect materials costing $6,480 for production.
15Recorded the following gross wages and salaries for employees: direct labor, $62,900 (all for Job A); indirect labor, $31,610; manufacturing supervision, $26,900; and sales commissions, $32,980.
15Applied overhead to production at a rate of 120 percent of direct labor cost.
Sept22Paid the following overhead costs: utilities, $4,270; maintenance, $3,380; and rent, $3,250.
23Recorded the purchase on account and receipt of $31,940 of direct materials and $9,260 of indirect materials.
27Requested $28,870 of direct materials (Job A, $2,660; Job B, $8,400; Job C, $17,810) and $7,640 of indirect materials for production.
30Recorded the following gross wages and salaries for employees: direct labor, $64,220 (Job A, $44,000; Job B, $9,000; Job C, $11,220); indirect labor, $30,290; manufacturing supervision, $28,520; and sales commissions, $36,200.
30Applied overhead to production at a rate of 120 percent of direct labor cost.
30completed and transferred Job A (58,840 units) and Job B (3,525 units) to finished goods inventory; total cost was $322,400.
30Shipped Job A to the customer; total production cost was $294,200, and sales price was $418,240.
30Recorded the following adjusting entries: $2,680 for depreciation-manufacturing equipment; and $ 1,230 for property taxes, manufacturing, payable at month end.
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