Question

please answer the following question.

ACCT-212 Assignment #2 Answer True or False for the following: Actual manufacturing costs are recorded as a credit under the manufacturing overhead T-account. The journal entry to record issuance of direct materials includes a debit to manufacturing overhead. Work in Process is debited when recording direct labor incurred. 150 completed units equal 150 equivalent units. 300 units at 10% complete equals 300 equivalent units.

Answer 1

Answey'- D False 2 False 3 T8ue u)TYue False Esxplanation:- ) Actual overhead costs..aye yecorded on the ee debit side of the Manufacturing overhead T-account. APPlied Manufackuring overheeid.costs are yecorde 3 on the credit side, Any beilance in the manufacturing overhead account vepvesents the.amount of Gvexheed Över applied O8 undevaPplied overhead.

Journa! Entry to vecord issuance ot divect materials work in pyOcess Inventory Raw Materials Inventory (to xecord Direct Materials issued Journel Entry to yecord Dixect iaboy incUYred's wonk in pyocess Inventory wages payable Lto vecord. Divect labo incurred) ). All the Rully completed unlts ave esual 60 eguivalent units. Thevefore 1s0 completed unibs ecoual to 150 éguivalent units. Partially completed units X l, Cf completion 5) Equivalent unit's 2 300 units X 10%. = 30 units 300 units at 101. complete equals to 30 egnavalent uniks.

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