Rieb Incorporated Has Provided the Following Data for the Month

question 263

Essay

Rieb Incorporated 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.
Manufacturing overhead for the month was overapplied by $7,000.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.

---

Definitions:

Utility Bill

A periodic invoice received by consumers for usage of utilities such as electricity, water, natural gas, or sewage services.

Accounts Payable

Accounts Payable are obligations a company has to pay off to its creditors or suppliers within a short period, typically one year or less.

Accounts Receivable

Debt owed by customers to an enterprise for goods or services supplied but not yet settled.

Interim Statements

Financial reports covering a period of less than a full fiscal year, often quarterly, to provide timely insights into a company’s performance.