Journal entries for overhead Yalova Manufacturing Company produces lamp bases using a job order costing system. During 1993, the company completed 32,000 units of product and incurred the following manufacturing costs:

a. Direct labor, $28,000.

b. Indirect labor, $10,000

c. Direct materials, $14,000

d. Indirect materials used, $6,500.

e. Utilities on factory paid in cash with a debit to utility expense, $3,500.

f. Property taxes on factory, $1,400.

g. Depreciation on manufacturing plant and equipment, $4,000.

Overhead is applied using direct labor hours as a base. The budget for 1993 called for 4,000 direct labor hours and total overhead of $24,000. Overapplied or underapplied overhead is assigned to cost of goods sold at the end of each year.

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REQUIRED Prepare journal entries to record work in process, actual, and applied overhead and to close the overhead accounts at the end of the year.