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During December, Moulding Corporation incurred $87,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $85,000. Required: Prepare journal entries to record the incurrence of manufacturing overhead and the application of manufacturing overhead to Work in Process. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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Answer:

The Journal entries are as follows:

(i) Manufacturing overhead A/c Dr. $87,000

       To various accounts                                $87,000

(To record the Manufacturing Overhead costs incurred)

(ii) Work in process A/c Dr.  $85,000

         To Manufacturing overhead      $85,000

(To record the manufacturing overhead applied to work in process)

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