The Winston Company Estimates That the Factory Overhead for the Following

question 42

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 $1,375,000.
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.

Understand the duration and validity conditions of patents.

Recognize the limitations and scope of copyright protection, including international aspects.

Familiarize with major organizations and legislation in the field of intellectual property.

Identify the legal measures available for the protection of trade secrets.

---

Definitions:

General Contractors

Companies or individuals tasked with the overall responsibility for the execution, supervision, and completion of construction projects, managing subcontractors and materials.

Fair Labor Standards Act

A federal law in the United States that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards for full-time and part-time workers.

Overtime Rate

The increased rate of pay that employees receive for hours worked beyond their standard working hours.

Nonexempt Employees

Employees covered by the FLSA requirements for overtime pay.