Kwik Products uses a predetermined overhead application rate of $20 per labor hour. A review of the company's accounting records revealed budgeted manufacturing overhead for the period of $758,000, applied manufacturing overhead of $690,000, and overapplied overhead of $12,600.

Required:

1. Determine Kwik's actual labor hours, budgeted labor hours, and actual manufacturing overhead.
2. Present the necessary year-end journal entry to handle the overapplied overhead, assuming that the firm allocates over- or underapplied overhead to Cost of Goods Sold.

Kwik Products uses a predetermined overhead application rate of $20 per labor hour. A review of the company's accounting records revealed budgeted manufacturing overhead for the period of $758,000, applied manufacturing overhead of $690,000, and overapplied overhead of $12,600. Required: A. Determine Kwik's actual labor hours, budgeted labor hours, and actual manufacturing overhead. B. Present the necessary year-end journal entry to handle the overapplied overhead, assuming that the firm aliocates over-or underapplied overhead to Cost of Goods Sold: Complete this question by entering your answers in the tabs below. Determine Kwik's actual labor hours, budgeted labor hours, and actual manufacturing overhead. Present the necessary year-end journal entry to handle the overapplied overhead, assuming that the firm allocates over-or underapplied overhead to Cost of Goods Sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the year-ergd joumal entry to adjust overapplied overhead to cost of goods sold. Notes Enter debits before ordits