MUST SHOW ALL WORK

MATERIAL FOH Adjustment: WAY OFF Company has been applying FOH during the period based on 50% of Direct Material costs. Direct Materials for the accounting period are $300,000 and Direct Labor is $95,000. At the end of the accounting period, actual factory overhead has been determined to be $110,000 It is determined any under or overapplied FOH is considered material. Prepare the journal entry needed based on the current balances in the related accounts: COGS: $200,000 WIP: $150,000 FGI: $50,000 Your journal entry and calculations will need to be included on your PDF upload for grading For preliminary grading purposes you may enter the amount of your adjustment affecting COGS