The Winston Company estimates that the factory overhead for the following year will be $1, 250,000. The company has decided that the baste for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year was 54, 300 hours. The actual factory overhead for the year was $1, 375,000. Determine the total factory overhead amount applied. Calculate the over- or under applied amount for the year. Prepare the journal entry to close Factory Overhead into Cost of Goods Sold. The Cavy Company estimates that the factory overhead for the following year will be $1, 470,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs was 4, 780. Prepare the journal entry to apply factory overhead