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Prepare journal entries to record the following production activities for Oaks Manufacturing.
a. Incurred overhead costs of $79,000 (paid in cash).
b. Applied overhead at 110% of direct labor costs which are $93,900.
c. Transferred completed products with a cost of $258,200 to finished goods inventory.
d. Sold $602,000 of product on credit. Cost is $271,000.
Depreciation Expense
The allocation of an asset's cost over its useful life, reflecting the decrease in value over time due to wear and tear or obsolescence.
Accounts Receivable
Money owed by customers to a company for goods or services that have been delivered but not yet paid for.
Inventory Turnover
A financial metric measuring the rate at which a company sells and replaces its stock of goods during a given period.
Cost of Goods Sold
Represents the direct costs attributable to the production of goods sold by a company, including materials and labor.
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