8 Exercise 11-33 Journal Entries for Overhead (Appendix A) (LO 11-8) Crystal Glassware Company has the following standards and flexible-budget data. $ 0.7/12 points awarded Scored Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output 6.60 per direct-labor hour 2 hours per unit of output $1ee, eee 25,eee units Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor 20,000 units $319,800 $ 95, eee 48,800 hours Required: Prepare journal entries for the following transactions. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) Record the Incurrence of actual variable overhead and actual fixed overhead. Add variable and fixed overhead to Work-In-Process Inventory. Close underapplied or overapplied overhead Into Cost of Goods Sold. No Transaction General Journal Debit Credit > 1 1 Production overhead 405,000 Accounts payable 405,000 2 2 387,984 Work-in-process inventory Production overhead OI 387,984 3 3 17,016 X Cost of goods sold Production overhead 17,016 X