The following data pertain to the oneida restaurant supply company for the year just ended. budgeted sales revenue $ 210,000 actual manufacturing overhead 364,000 budgeted machine hours (based on practical capacity) 20,000 budgeted direct-labor hours (based on practical capacity) 20,000 budgeted direct-labor rate $ 13 budgeted manufacturing overhead $ 336,000 actual machine hours 11,000 actual direct-labor hours 18,000 actual direct-labor rate $ 16 required: prepare a journal entry to add to work-in-process inventory the total manufacturing overhead cost for the year, assuming: 1. the firm uses actual costing. 2. the firm uses normal costing, with a predetermined overhead rate based on machine hours. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Explanation:

The journal entry is shown below:

1. Under Actual costing:

Work in progress inventory Ac Dr $364,000

        To Manufacturing overhead A/c  $364,000

(Being manufacturing overhead is added to the work in progress inventory)

2. Under Normal costing,

First we have to compute the predetermined overhead rate which is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated machine hours)

= $336,000 ÷ 20,000 hours

= $16.8

Now we have to find the actual overhead which equal to

= Actual machine hours × predetermined overhead rate

= 11,000 hours × $16.8

= $184,800

Work in progress inventory Ac Dr $184,800

        To Manufacturing overhead A/c  $184,800

(Being manufacturing overhead is added to the work in progress inventory)

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