Estimates made for a production department of the Automate Company for the month of October show: 
Factory overhead is applied on the basis of direct labor hours.On October 31,the records show these actual figures: 
Prepare the entry or entries to 1)apply factory overhead to production;2)record actual factory overhead incurred assuming all items were purchased from vendors;3)close out the two factory overhead account balances to set up the overapplied or underapplied factory overhead;and 4)to close the balance in under- or overapplied factory overhead to Cost of Goods Sold.
Definitions:
Injection
An introduction of income into the economy through investment, government spending, or exports.
Circular Flow
A model in economics that depicts how goods and services and money move through the economy between households, businesses, government, and foreign sectors.
Value Added
The increase in worth of a product or service as a result of a particular process, calculated by the difference between the sale price and the production cost.
Double Counting
The error of including the same transaction or item more than once in a calculation or analysis, leading to inaccurate results.
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