Crystal Glassware Company has the following standards and flexible-budget data.

Standard variable-overhead rate$6.00per direct-labor hourStandard quantity of direct labor 2hours per unit of outputBudgeted fixed overhead$100,000 Budgeted output 25,000units

Actual results for April are as follows:

Actual output 20,000unitsActual variable overhead$320,000 Actual fixed overhead$97,000 Actual direct labor 50,000hours

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 field.)

• 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.

Answer is complete but not entirely correct. No Transaction General Journal Debit Credit Production overhead 1 1 417.000 417,000 Various accounts Work-in-process inventory 340,000 2 2 Production overhead 340,000 77,000 3 Cost of goods sold 3 77,000 Production overhead