Winston Company estimates that total factory overhead for the following year will be $847,200. The company has decided that the basis for applying factory overhead should be machine hours, which are estimated to be 35,300 hours. The actual total machine hours for the year were 54,900 hours. The actual factory overhead for the year was $1,336,000. Enter the amount as a positive number. a. Determine the total factory overhead applied. Round to the nearest dollar. b. Compute the over- or underapplied factory overhead for the year. overapplied 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. Factory Overhead Cost of Goods Sold 5 PM

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.