The Winston Company Estimates That the Factory Overhead for the Following

question 77

Essay

The Winston Company estimates that the 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 machine hours for the year was 54,300.The actual factory overhead for the year was $1,348,800.
a Determine the total factory overhead amount applied.
b Calculate the over- or under applied amount for the year.
c Prepare the journal entry to close Factory Overhead into Cost of Goods Sold.

---

Definitions:

Eyebrow Flash

A brief involuntary raising of the eyebrows, often used as a nonverbal greeting or sign of recognition between people.

Facial Muscles

A group of striated skeletal muscles situated beneath the facial skin, responsible for facial expressions.

Facial Expressions

The movements or positions of the muscles beneath the skin of the face, serving as a major form of nonverbal communication among humans and some other species.

Cultural Reality

Cultural reality refers to the shared beliefs, customs, practices, and social behaviors that exist within a specific cultural group or society.