QS 15-19 (Algo) Computing and recording over- or underapplied overhead LO P4 A company's Factory Overhead account shows total debits of $648,000 and total credits of $670,800 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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QS 15-19 (Algo) Computing and recording over- or underapplied overhead LO P4
A company's Factory Overhead account shows total debits of $648,000 and total credits of $670,800 at the end of the year.
1. Compute the under- or overapplied overhead.
2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Compute the under- or overapplied overhead.
Total actual overhead cost
Total applied overhead cost
< Bagired
Required 2 >
Transcribed Image Text:ces QS 15-19 (Algo) Computing and recording over- or underapplied overhead LO P4 A company's Factory Overhead account shows total debits of $648,000 and total credits of $670,800 at the end of the year. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Total actual overhead cost Total applied overhead cost < Bagired Required 2 >
Homework: Part II
3
Book
Hint
Print
prences
w
www.y
Required 1
Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold.
Required 2
View transaction list
Journal entry worksheet
A
Record the entry to close the balance in the Factory Overhead account.
Note: Enter debits before credits.
Transaction
1
Record entry
General Journal
Clear entry
Saved
< Prev
Debit
Credit
View general journal
13 of 15
Next >
Transcribed Image Text:Homework: Part II 3 Book Hint Print prences w www.y Required 1 Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold. Required 2 View transaction list Journal entry worksheet A Record the entry to close the balance in the Factory Overhead account. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Saved < Prev Debit Credit View general journal 13 of 15 Next >
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