Winston Company estimates that the factory overhead for the following year will be $675,400. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 30,700 hours. The total machine hours for the year were 54,100. The actual factor overhead for the year was $1,183,000. 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.

Winston Company estimates that the factory overhead for the following year will be $675,400. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 30,700 hours. The total machine hours for the year were 54,100. The actual factor overhead for the year was $1,183,000. 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.

Name: Winston Company estimates that the factory overhead for the following
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Description: Winston Company estimates that the factory overhead for the following year will be $675,400. The company has decided that the basis for applyingfactory overhead should be machine hours, which is estimated to be 30,700 hours. The total machine hours

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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