Walters Company shows the following costs for three jobs worked on in April.

	Job 306	Job 307	Job 308
Balances on March 31
Direct materials (in March)	$ 37,000	$ 47,000
Direct labor (in March)	28,000	22,000
Applied overhead (March)	16,800	13,200
Costs during April
Direct materials	143,000	232,000	$ 108,000
Direct labor	101,000	170,000	109,000
Applied overhead	?	?	?
Status on April 30	Finished (sold)	Finished (unsold)	In process

Additional Information

1. Raw Materials Inventory has a March 31 balance of $100,000.
2. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $415,000.
3. Actual overhead costs incurred in April are indirect materials, $87,000; indirect labor, $35,000; factory rent, $33,000; factory utilities, $27,000; and factory equipment depreciation, $60,000.
4. Predetermined overhead rate is 60% of direct labor cost.
5. Job 306 is sold for $710,000 cash in April.

Journal entry worksheet 1 4 5 6 7 8 9 10 11 > III k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. Date Account Title Debit Credit April 30 Cost of goods sold Factory overhead Record entry Clear entry View general journal