26 musings inc completed the production of 500 units with standard costs of 520 for 4307798

26) Musings Inc. completed the production of 500 units with standard costs of $520 for direct materials and $75 for conversion costs. During the current year, it incurred $260,000 for direct materials and $31,000 for conversion costs. Record the adjusting entry for the amount of underallocated or overallocated overhead.

27) Musings Inc. completed the production of 500 units with standard costs of $520 for direct materials and $75 for conversion costs. During the current year, it incurred $260,000 for direct materials and $44,000 for conversion costs. Record the adjusting entry for the amount of underallocated or overallocated overhead.

28) Caprice Inc. has adopted a JIT management system and has the following transactions in December:

Dec 3Purchased raw materials on account, $80,000

Dec 8Incurred labor and overhead costs, $105,000

Dec 15Completed 750 units with standard costs of $106 for direct materials and $165 for conversion costs

Dec 23Sold 650 units for $395 each

Record the journal entries for Caprice Inc. for December.

29) Alfeo Corp. has adopted a JIT management system and has the following transactions in February:

Feb 2Incurred labor and overhead costs, $89,000

Feb 18Completed 750 units with standard costs of $93 for direct materials and $146 for conversion costs

Open a T-account for Conversion Costs. Post appropriate entries to determine the amount of underallocated or overallocated overhead. Record the adjusting entry.

"Get 15% discount on your first 3 orders with us"
Use the following coupon
"FIRST15"

Order Now