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Prepare the journal entry to dispose of the amount

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Problem - DEF Company has the following cost data for 2010. The data is collected before the disposition of under- or over-applied overhead.

Work in Process Inventory $60,000

Finished Goods Inventory $80,000

Cost of Goods Sold $200,000

Actual overhead $150,000

Applied overhead $130,000

Required -

a. How much is the under-applied or over-applied overhead for 2010?

b. Assume that the amount is significant to the company and expected to be closed out as accurately as possible. Prepare the journal entry to dispose of the amount.

Reference no: EM133047989

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