Instruction Chart of Accounts Factory Overhead General Journal Instruction Winston Company estimates that the factory overhead for the following year will be $653,400. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 36,300 hours. The total machine hours for the year were 55,000 hours. The actual factory overhead for the year was $1,004,000. Required: a. Determine the total factory overhead amount applied. b. Compute the overapplied or underapplied amount for the year. Enter the amount as a positive value. c. Prepare the journal entry to close Factory Overhead into Cost of Goods Sold. Refer to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use lines for spaces or journal explanations. Every fine on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries CNOW journals will automatically indent a credit entry when a credit amount is entered. Instruction Chart of Accounts Factory Overhead General Journal Instruction Factory Overhead + a. Determine the total factory overhead amount applied. Total factory overhead applied b. Compute the overapplied or underapplied amount for the year. Enter the amount as a positive value. Factory overhead by's Factory Overhead General Journal c. Prepare the journal entry to close Factory Overhead into Cost of Goods Sold on December 31. Refer to the chart of a exact wording of the account titles. CNOW journals do not uses for spaces or journal explanations. Every line on a jo used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will autom a credit entry when a credit amount is entered. JOURNAL DATE DESCRIPTION POST. REF DEBIT 1 2