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Question(s) / Instruction(s):

A manufacturing company applies overhead based on direct labor hours. At the beginning of the year, it estimated that overhead costs would be $720,000 and direct labor hours would be 90,000. Actual overhead costs incurred were $754,400, and actual direct labor hours were 92,000. The entry to assign overhead costs during the year would be

a)            Overhead                             720,000

                                 Cash                                                     720,000

b)            WIP Inventory                   736,000

                                Overhead                                            736,000

c)            Cash                                      754,400

                                Overhead                                            754,400

d)            Overhead                            754,400

                                 WIP Inventory                                  754,400

 

 

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