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.

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Definitions:

Similarity

The state or fact of being alike or having common features or attributes.

Psychographics

A marketing research method that analyzes consumer lifestyles, values, attitudes, and personality traits to better understand their buying behavior.

Made The Purchase

The act of buying or acquiring goods or services through a transaction or exchange.

Millennials

The generation born between 1978 and the late twentieth century. Also known as Generation Y.