26 musings inc completed the production of 500 units with standard costs of 520 for 4307798

26 musings inc completed the production of 500 units with standard costs of 520 for 4307798

26) Musings Inc. completed the production of 500 units with standard costs of $520 for direct materials and $75 for conversion costs. During the current year, it incurred $260,000 for direct materials and $31,000 for conversion costs. Record the adjusting entry for the amount of underallocated or overallocated overhead.

27) Musings Inc. completed the production of 500 units with standard costs of $520 for direct materials and $75 for conversion costs. During the current year, it incurred $260,000 for direct materials and $44,000 for conversion costs. Record the adjusting entry for the amount of underallocated or overallocated overhead.

28) Caprice Inc. has adopted a JIT management system and has the following transactions in December:

Dec 3Purchased raw materials on account, $80,000

Dec 8Incurred labor and overhead costs, $105,000

Dec 15Completed 750 units with standard costs of $106 for direct materials and $165 for conversion costs

Dec 23Sold 650 units for $395 each

Record the journal entries for Caprice Inc. for December.

29) Alfeo Corp. has adopted a JIT management system and has the following transactions in February:

Feb 2Incurred labor and overhead costs, $89,000

Feb 18Completed 750 units with standard costs of $93 for direct materials and $146 for conversion costs

Open a T-account for Conversion Costs. Post appropriate entries to determine the amount of underallocated or overallocated overhead. Record the adjusting entry.

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