Figure out which amount of overhead cost would apply.
1. Compute the amount of overhead cost that would have been charged to each project during May.
2. Prepare a journal entry showing the completion of the Williams and Chandler projects and the transfer of costs to the Completed Projects (i.e., Finished Goods) account.
3. What is the balance in the Work in Process account at the end of the month?
4. What is the balance in the Overhead account at the end of the month? What is this balance called?
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This tutorial provides guidelines on creating the journal entries for a service company.