Instruction The Winston Company estimates that the factory overhead for the following year will be $716,400. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 39,800 hours. The total machine hours for the year was 54,400. The actual factory overhead for the year was $973,000. Required: (a) Determine the total factory overhead amount applied. (b) Calculate the overapplied or underapplied amount for the year. Enter the amount as positive values. (c) Prepare the journal entry to close Factory Overhead into Cost of Goods Sold. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Winston Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 121 Accounts Receivable 131 Materials 133 Work in Process EXPENSES 135 Factory Overhead 510 Cost of Goods Sold 520 Wages Expense 137 Finished Goods 531 Insurance Expense 141 Supplies 142 Prepaid Expenses 181 Land 532 Utilities Expense 190 Factory Equipment 191 Accumulated Depreciation 533 Office Supplies Expense 560 Depreciation Expense 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Factory Overhead (a) Determine the total factory overhead amount applied. Total factory overhead applied (b) Calculate the overapplied or underapplied amount for the year. Enter the amount as positive values. Factory overhead Factory overhead __ by S by $ General Journal (c) Prepare the journal entry to close Factory Overhead into Cost of Goods Sold on December 31. Refer to the Chart of Accounts for exact wording of account titles. PAGE 1 JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT