Exercise 11-33 Journal Entries for Overhead (Appendix A) (LO 11-8) Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $ 6.00 per direct-labor hour 2 hours per unit of output $100,000 25,000 units Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor 20,000 units $320,000 $ 97,000 50,000 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 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 1 1 Production overhead 417,000 Various accounts 417,000 2 2 Work-in-process inventory Production overhead 3 3 Cost of goods sold Production overhead 400,000 400,000 17,000 17,000