Question

Winston Company estimates that the factory overhead for the following year will be $938,000. The company...

Winston Company estimates that the factory overhead for the following year will be $938,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 26,800 hours. The total machine hours for the year were 54,000. The actual factory overhead for the year was $1,879,000.

a. Determine the total factory overhead amount applied. Round to the nearest dollar.
$

b. Compute the over- or underapplied amount for the year. Enter the amount as a positive number.
$  

c. Journalize the entry to transfer the over- or underapplied factory overhead to cost of goods sold. If an amount box does not require an entry, leave it blank.

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Answer #1
a
Estimated factory overhead 938000
/ Estimated machine hours 26800
Overhead rate 35
Actual machine hours 54000
X Overhead rate 35
Total factory overhead applied 1890000
b
Total factory overhead applied 1890000
Less: Actual factory overhead 1879000
Overapplied overhead 11000 Overapplied
c
Factory overhead 11000
   Cost of goods sold 11000
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