During December, Moulding Corporation incurred $76,000 of actual Manufacturing Overhead costs. During the same period, the Manufacturing Overhead applied to Work in Process was $74,000.Required:Prepare journal entries to record the incurrence of manufacturing overhead and the application of manufacturing overhead to Work in Process.

Work in Process

Inventory consisting of goods that are in the production process but not yet complete.

Journal Entries

The records of financial transactions in a company, used to transfer information to the general ledger.

Manufacturing Overhead

All indirect costs related to the manufacturing process, including costs for utilities, rent, and maintenance of equipment, that are not directly traceable to a product.