A company\'s Factory Overhead T-account shows total debits of $618,000 and total

Question

A company's Factory Overhead T-account shows total debits of $618,000 and total credits of $741,000 at the end of the year Determine whether there is over- or underapplied overhead using the T-account below. Answer is not complete. Factory Overhead Actual overhead 0618,000 741,000 Applied overhead Overapplied overhead- 123,0001 Prepare the journal entry to close the balance in the Factory Overhead account to Cost of Goods Sold Answer is complete and correct. No Transaction General Journal Debit Credit Factory overhead 123.000 Cost of goods sold 123.000

Explanation / Answer

Factory overheads debit 123000

Cost of goods sold credit 123000

Factory overheads Actual overheads 618000 Applied overheads 741000 618000 741000 Over applied overheads 123000

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