Question: Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $400,000, and direct labor costs to be $2,000,000. Actual overhead costs for the year totaled $380,000, and actual direct labor costs totaled $1,800,000.
Required: At year-end, calculate the balance in the Factory Overhead account?
A. $400,000 Credit balance.
B. $380,000 Debit balance.
C. $20,000 Debit balance.
D. $20,000 Credit balance.
E. $360,000 Debit balance.
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