The Winston Company estimates that the factory overhead for the following year will be $1.148.400. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 29,600 hours. The total machine hours for the year were 54,800 hours. The actual factory overhead for the yes was 31.000.000 Required (a) Determine the total factory overhead amount anried (1) Calculate the overalied or underwed amount for the your inter the amount as pove le Prepare the journal entry to close Factory Overhead into cost of Good Sold Refer to the Chart of Account Recording of account Mines 39 CHART OF ACCOUNTS Winston Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 131 Materials 133 Work in Process EXPENSES 135 Factory Overhead 510 Cost of Goods Sold 137 Finished Goods 141 Supplies 142 Prepaid Expenses 181 Land 520 Wages Expense 531 Insurance Expense 532 Utilities Expense 533 Office Supplies Expense 560 Depreciation Expense 590 Miscellaneous Expense 710 Interest Expense 190 Factory Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 10 Th CULO 39 135 Factory Overhead 510 Cost of Goods Sold 137 Finished Goods 141 Supplies 142 Prepaid Expenses 181 Land 520 Wages Expense 531 Insurance Expense 532 Utilities Expense 533 Office Supplies Expense 560 Depreciation Expense 590 Miscellaneous Expense 710 Interest Expense 190 Factory Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 221 Utilities Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary (a) Determine the total factory overhead amount applied. Total factory overhead applied $ (b) Calculate the overapplied or underapplied amount for the year Enter the amount as positive values. Factory overhead by s (al (c) Prepare the journal entry to close Factory Overhead into Cost of Goods Sold on December 31. Refer to the Chart of Accounts for exact wording PAGE 1 (b JOURNAL DATE DESCRIPTION POST. REF: DEBIT CREDIT 2 2