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Question
Winston Company estimates that total factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total actual machine hours for the year were 54,300 hours. The actual factory overhead for the year was $1,348,800.
a. Determine the total factory overhead applied.
b. Compute the over- or underapplied factory overhead for the year.
c. Journalize the entry to close Factory Overhead to Cost of Goods Sold.
Answer
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