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During FY 2016, Alpha Company recorded total of factory overhead costs of $250,000. Additionally, Alpha applied...

During FY 2016, Alpha Company recorded total of factory overhead costs of $250,000. Additionally, Alpha applied a total of $245,000 of factory overhead to various job orders during FY 2016. Use this information to prepare the adjusting General Journal entry (without explanation) to close any over or under application of factory overhead. If no entry is required then write "No Entry Required."

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Answer #1
Applied factory Overhead=   $245000
recorded factory Overhead=$250000

Variance=$5000 unfavourable i.e underapplied

Entry: Cost of Goods sold    $5000

To Factory Overhead $5000
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