Rieb Inc.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:
Variability
The measure of how data points in a statistical distribution or dataset diverge from the average or mean value.
Central Tendency
A statistical measure that identifies a single value as representative of an entire distribution of data, commonly exemplified by the mean, median, or mode.
Placebo Effect
The phenomenon where patients experience a perceived or actual improvement in their condition solely because they believe they are receiving treatment.
Ineffectual Treatment
A therapy or intervention that does not produce the desired beneficial outcome for the condition it was intended to address.
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