10 May DETERMINE THE AMOUNT OF UNDER APPLIED MANUFACTURING OVERHEAD FOR MARCH AND TRANSFER IT TO COST OF GOODS SOLD.
Stanley Printing Company: Journal entries and Work in Process Inventory accountStanley Printing Company began operation in March with three custom orders. The following costs were incurred during the month.Direct Materials: Direct Labor:Job A1 $950 Job A1 $ 2 450Job A2 750 Job A2 1 950Job A3 500 Job A3 900Manufacturing Overhead:Applied at the rate of 110% of direct labor dollars Actual Manufacturing Overhead incurred: $6 100Jobs A1 and A2 were completed and sold during March. Job A3 was incomplete at the end of the month. Selling prices were as follows: Job A1 $9 400 and Job A2 $6 900.a. Record the entries for all costs and revenues in T accounts.b. Verify the ending balance in the Work in Process Inventory account. c. Determine the amount of under applied manufacturing overhead for March and transfer it to Cost of Goods Sold.
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