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Rieb Inc. 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. Cost of Goods Total $ 59,990 164,220 81,500 $ 305,710 Work In Process Finished Goods Sold Direct materials Direct labor $ 3,770 9,930 6,520 $ 20,220 $ 8,850 24,180 2$ 47,370 130,110 63,570 $ 241,050 Manufacturing overhead applied 11,410 Total $ 44,440 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.) View transaction list Journal entry worksheet Record the journal entry to allocate the underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold. Note: Enter debits before credits. Debit Credit General Journal Transaction

Rieb Inc. 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. Cost of Goods Total $ 59,990 164,220 81,500 $ 305,710 Work In Process Finished Goods Sold Direct materials Direct labor $ 3,770 9,930 6,520 $ 20,220 $ 8,850 24,180 2$ 47,370 130,110 63,570 $ 241,050 Manufacturing overhead applied 11,410 Total $ 44,440 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.) View transaction list Journal entry worksheet Record the journal entry to allocate the underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold. Note: Enter debits before credits. Debit Credit General Journal Transaction

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter5: Process Cost Accounting—general Procedures
Section: Chapter Questions
Problem 7E: The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units...
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Rieb Inc. 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. Cost of Goods Work In Process Finished Goods Sold Total Direct materials $ 3,770 $ 8,850 24,180 11,410 47,370 130,110 63,570 $ 241,050 $ 59,990 164,220 81,500 $ Direct labor 9,930 Manufacturing overhead applied 6,520 Total $ 20,220 $ 44,440 $ 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.) View transaction list Journal entry worksheet Record the journal entry to allocate the underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold. Note: Enter debits before credits. Debit Credit General Journal Transaction
Transcribed Image Text:Rieb Inc. 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. Cost of Goods Work In Process Finished Goods Sold Total Direct materials $ 3,770 $ 8,850 24,180 11,410 47,370 130,110 63,570 $ 241,050 $ 59,990 164,220 81,500 $ Direct labor 9,930 Manufacturing overhead applied 6,520 Total $ 20,220 $ 44,440 $ 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.) View transaction list Journal entry worksheet Record the journal entry to allocate the underapplied or overapplied overhead among work in process, finished goods, and cost of goods sold. Note: Enter debits before credits. Debit Credit General Journal Transaction
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