Required information

[The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended.

Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour

Actual direct-labor cost: 80,000 hours at $17.50 per hour

Budgeted manufacturing overhead: $997,500

Actual selling and administrative expenses: 434,000

3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. (Round intermediate calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

No	Transaction	General Journal	Debit	Credit
1	1	Manufacturing overheadselected answer correct	60,000selected answer incorrect	not attempted
		Cost of goods soldselected answer correct	not attempted	60,000

Required information

[The following information applies to the questions displayed below.] The following information pertains to Trenton Glass Works for the year just ended.

Budgeted direct-labor cost: 70,000 hours (practical capacity) at $16 per hour

Actual direct-labor cost: 80,000 hours at $17.50 per hour

Budgeted manufacturing overhead: $997,500

Actual selling and administrative expenses: 434,000

Actual manufacturing overhead:
Depreciation	$	231,000
Property taxes		20,000
Indirect labor		81,000
Supervisory salaries		201,000
Utilities		58,000
Insurance		31,000
Rental of space		302,000
Indirect material (see data below)		80,000
Indirect material:
Beginning inventory, January 1		48,000
Purchases during the year		94,000
Ending inventory, December 31		62,000

2. Calculate the overapplied or underapplied overhead for the year. (Round your intermediate calculations to 2 decimal places.)

this is the first part of the question