a Toronto apparel company located in ontario uses a standard costing system the firm estimated that it will operate its manufacturing and facilities at
800000 machine hours for the year the estimated for the total budgeted overhead is $2000000 the standard variable overhead rate is estimated to be $ 2 per
machine houre or $6 per unit the actual data for the year follow
Actual finished units 250000
Actual machine houre 764000
Actual variable overhead $1700000
Actual fixed overhead $ 401500
please answer all
A prepare journal entries to do the
1- record the incurrence of actual variable overhead and actual fixed overhead
2- add variable and fixed overhead to work in process inventory
3- close underapplied or overapplied to cost of goods sold