The following transactions were incurred by Stoncius Fabricators during January, the first month of its fiscal year. i (Click the icon to view the transactions) Requirements 1. Record the proper journal entry for each transaction 2. By the end of January, was manufacturing overhead overallocated or underallocated? By how much? a. $170,.000 of materials was purchased on account. Record the entry (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Credit a. Raw Materials Inventory Accounts Payable 170000 170000 b. $162,000 of materials was used in production, of this amount, $143,000 were used on speciffe obs. Record the entry. ournal Entry Date Accounts Debit Credit b. Work in Process Invento Manufacturing Overhead Raw Materials Inventory 143000 19000 162000 c. Manufacturing labor and salaries for the month totaled $220,000. A total of $200,000 of manufacturing labor and salaries was traced to specific jobs, and Journal Entry Date Accounts Debit Credit

Raw materials used for special jobs will be allocated to work in process and the remaining used in production will be allocated to manufacturing overhead.

Requirement 1

A (Materials was purchased on account)

DEBIT CREDIT

Raw Material Inventory $170,000

Accounts Payable $,170,000

B (Materials was used in production)

DEBIT CREDIT

Work In process Inventory $143,000

Manufacturing Overhead $19,000

Raw Material Inventory $162,000

C (Manufacturing labor and salaries for the month)

DEBIT CREDIT

Work In process Inventory $200,000

Manufacturing Overhead $20,000

Wages payable $220,000

Requirement 1

There NO such information available in the question to determine whether manufacturing overheads are over-allocated or under-allocated.