Bookkeeping

Manufacturing overhead represents all indirect costs incurred during production. These expenses can’t be instantly traced to a particular product unit however are important for manufacturing operations. Unlike direct materials or direct labor, overhead prices assist the production setting. The allocation base is the exercise that is driving the overhead costs, normally direct labor hours or […]

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The second entry requires expense accounts close to the Income Summary account. To get a zero balance in an expense account, the entry will show a credit to expenses and a debit to Income Summary. The closing entry will credit Supplies Expense, Depreciation Expense–Equipment, Salaries Expense, and Utility Expense, and debit Income Summary. Four Steps […]

The beginning work in progress inventory is the ending balance from the prior accounting period, i.e. the closing carrying balance is carried forward the work in process inventory account of a manufacturing company as the beginning balance for the next period. Once the product is marked as a finished good and is subsequently sold, the […]