The Winston Company Estimates That the Factory Overhead for the Following

question 36

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 hours.The actual factory overhead for the year was $1,375,000.
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.

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Definitions:

Massed Practice

An educational and psychological term referring to intensive practice or study within a short time frame, often without breaks.

Clinical Psychologist

A professional specializing in diagnosing and treating mental, emotional, and behavioral disorders through therapy.

Case Study

A descriptive technique in which one individual or group is studied in depth in the hope of revealing universal principles.

Social-Cultural

Pertaining to the interplay of social and cultural factors that influence behaviors, thoughts, and feelings within a society.