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The Eliano Company uses a budgeted overhead rate for applying factory overhead to job orders on a machine hour basis for the machining department and on a direct labor hour basis for the packaging department. The company budgeted the following for 201 Machining Factory overhead P156,744 P181.719 Machine hours 100,802 90,000 Direct labor hours 50,000 Direct labor cost 400,000 Factory overhead incurred Direct labor cost At the end of the year the company FOH Balances are Direct labor hours Machine hours -93.398 Packaging 100,806 900.000 Machining Packaging 55.000 P112.118 P193,036 100.656 P500.000 P1.000.000 99.578 91.000 Compute for the underapplied or overapplied for the company as a whole (example: -4,500 56, final answer 2 decimal places include negative sig Question 5 What should be the adjusting entry for overapplied factory overhead (FOH), the overapplied amount is to be adjusted to cost of good sold (CGS)? Debit CGS Credit FOH Debit FOH Credit CGS The Elinzano Company uses a budgeted overhead rate for applying factory overhead to job orders on a machine hour basis for the machining department and on a direct labor hour basis for the packaging department. The company budgeted the following for 20_1: Factory overhead P156,744 Machine hours Direct labor hours. 50,000 Direct labor cost 400,000 Factory overhead incurred Machining Direct labor cost Direct labor hours 100,802 Machine hours 02-200 At the end of the year the company FOH Balances are: Packaging P500,000 P181,719 55,000 90,000 100,656 100,806 Machining Packaging 900,000 P112.118 P193,036 P1.000.000 99,578 91,000 Compute for the underapplied or overapplied for the company as a whole (example: -4,500.56, final answer 2 decimal places, include negative sign) What should be the adjusting entry for overapplied factory overhead (FOH), the overapplied amount is to be adjusted to cost of good sold (CGS)? O Debit CGS Credit FOH Debit FOH Credit CGS