Solved: A company allocates overhead at a rate of 140 of direct, Accounting Basics

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A company allocates overhead at a rate of 140 of direct

Question: 1. In job order cost accounting, which account is debited in recording a raw materials requisition?

(a) Raw Materials Inventory,

(b) Raw Materials Purchases,

(d ) Goods in Process Inventory if they are indirect materials.

2. A company allocates overhead at a rate of 140% of direct labor cost. Actual overhead cost for the current period is $745,000, and direct labor cost is $500,000. Prepare the entry to close over- or underapplied overhead to cost of goods sold.

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Accounting Basics: A company allocates overhead at a rate of 140 of direct

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Accounting Basics: A company allocates overhead at a rate of 140 of direct

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