1/12 Lemon Manufacturing estimated its factory overhead for January would be $15,000 and that they would use 75 hours of Direct Labor The predetermined overhead rate was Transactions 1/1/17 Lemon Manufacturing recorded actual factory overhead costs as follows per direct labor hour ALT-ACT-APPLIED-FO TOTAL SCORE: There are 1 problems in this set. I'm testing the problem. 1 DATE GENERAL JOURNAL DEBIT 1/1/17 CREDIT GRADE Date 1/31/17 1/31/17 TRIAL BALANCE CASH ACCOUNTS RECEIVABLE RAW MATERIALS WORK IN PROCESS FINISHED GOODS FACTORY OVERHEAD ACCUM DEPR. EQUIPMENT ACCOUNTS PAYABLE WAGES PAYABLE FACTORY UTILITIES PAYABLE COST OF GOODS SOLD TOTALS DEBIT CREDIT Indirect Labor Indirect Materials Factory Utilities Accumulated Depreciation-EQUIPMENT 1/33/17 At the end of January, Lemon records overhead applied $2,500 $2,000 $3,000 $9,000 0 to jobs as follows Lob DHours 0 Close FO Job 1011 26 Job 102 22 Job 103 30 76 Using the POR, make the entry to apply the Factory Overhead Was the factory overhead over or underapplied and by how much? 1 UNDERAPPLIED Amount: 1/31/17 Normally, the over- or under applied overhead would be closed to Cost of Goods Sold at the end of the year. If the closing happened on 1/31/17, what entry would be made? Use lines 10 and 11 of the journal for this entry 10