A company had the following selected account balances at the end of 2014:
work in process 150,000
finished goods 210,000
cost of goods sold 60,000
amount of factory overhead applied in 2014 400,000
a) give the journal entry to record the factory overhead applied.
b) what was the actual overhead for the year?
c) give the journal entry to dispose of the factory overhead account balances assuming it is written off to cost of goods sold.
d) give the journal entry to dispose the factory overhead account balances assuming it is allocated among work in process, finished godds, and cost of goods based on ending balances
e) which method of disposing of under-or over applied factory overhead cost is more accurate? Explain.