PopStop Company had no jobs in progress at the beginning of February and no beginning inventories. It started only two jobs during FebruaryJob P and Job Q. Job P was completed and sold by the end of the February and Job Q was incomplete at the end of February. The company uses a plantwide predetermined overhead rate based on direct labor-hours. The following additional information is available for the company as a whole and for Jobs P and Q (all data and questions relate to the month of February):

9. Prepare the journal entry to transfer costs from Finished Goods to the Cost of Goods Sold.

10. What is the amount of underapplied or overapplied overhead?

11. Prepare the journal entry to close the amount of underapplied or overapplied overhead to

Cost of Goods Sold.

Estimated total manufacturing overhead $12,000 Estimated total direct labor hours to be worked 2,000 Total actual mfg overhead costs incurred $12,500 Job P Job Q Direct materials Direct labor Actual direct labor hours worked $13,000 21,000 1,400 $8,000 $7,500 500