Winston Company estimates that the factory overhead for the following year will be $876,000. The...
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Winston Company estimates that the factory overhead for the following year will be $876,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 29,200 hours. The total machine hours for the year were 54,100 hours. The actual factory overhead for the year was $1,613,000.
a. Determine the total factory overhead amount applied. (Round to the nearest dollar.) $fill in the blank 1e7f67018fcffba_1
b. Calculate the over- or underapplied amount for the year. Enter the amount as a positive number. $fill in the blank 1e7f67018fcffba_2
overappliedunderappliedoverapplied
c. Prepare the journal entry to close factory overhead into Cost of Goods Sold.
CashCost of Goods SoldFactory OverheadMaterialsWork in ProcessCost of Goods Sold
Cost of Goods Sold
CashCost of Goods SoldFactory OverheadMaterialsWork in ProcessFactory Overhead
Factory Overhead
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