Instruction Winston Company estimates that the factory overhead for the following year will be $1,134,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 37,800 hours. The total machine hours for the year were 54,300 hours. The actual factory overhead for the year was $1,619,000. 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. 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 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 1 2