Chapter 2 Problem The following information is the work in Process and Factory Overhead Accounts for Superior Company: Work in Process Inventory Beg Inv. 302,000 Direct Materials 280,000 Direct Labor 120,000 Overhead Applied 96,000 Costs transferred to Finished Goods Inv. End Inv. 250,000 548,000 Factory Overhead 98,000 96,000 Actual Overhead Applied Overhead Required: 1. Prepare a manufacturing statement for Superior Company for 2019. 2. Prepare the entry to adjust for under or over applied overhead