Hosanna Furnishings finished Job A40, which involved $4,000 of direct materials and $600 of direct labor
Hosanna uses a predetermined overhead allocation rate based on 40% of direct labor costs. Provide the journal entry needed to record the completion of the job.
What will be an ideal response
Finished Goods Inventory 4,840
Work-in-Process Inventory 4,840 .Direct labor costs $600
Predetermined overhead allocation rate on direct labor cost x 40%
Manufacturing overhead allocated $240
Job cost of Job A40:
Direct materials $4,000
Direct labor 600
Manufacturing overhead 240
Total cost of Job A40 $4,840
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