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cschonhoff
Apr 25, 2007, 07:10 AM
overhead is applied to projects at a rate of $100 per direct labor hour. laborers are paid an average rate of $25 per hour. project was charged $450,000 in direct materials and $150,000 in direct labor costs.

1. overhead applied amounted to?
2. journal entry to transfer the completed project to finished good inventory would include? ( debit to the finished goods inventory or the work in process inventory of $$$$)
3. journal entry to record the the sale of the project to another company for $3200,000 would include? (debit of sales in the amount of ?/ debit to cost of goods sold in the amount of?/ credit to finished goods inventory in the amount of ?/ a debit to finished goods inventory in the amount of ?.

please help, not just looking for the answer but also the process to get the answer, have a lot of homework with problems like this and for some reason drawing a total blank.

thank you