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