Loraine Company applies manufacturing overhead to jobs using a predetermined overhead rate of 70% of direct labor cost. Any underapplied or overapplied overhead cost is closed to Cost of Goods Sold at the end of the month. During August, the following transactions were recorded by the company:
-The entry to dispose of the underapplied or overapplied overhead cost for the month would include:

Question

Loraine Company applies manufacturing overhead to jobs using a predetermined overhead rate of 70% of direct labor cost. Any underapplied or overapplied overhead cost is closed to Cost of Goods Sold at the end of the month. During August, the following transactions were recorded by the company: 
-The entry to dispose of the underapplied or overapplied overhead cost for the month would include:

Quizplus · Accepted Answer

The Answer of Loraine Company applies manufacturing overhead to jobs using a predetermined overhead rate of 70% of direct labor cost. Any underapplied or overapplied overhead cost is closed to Cost of Goods Sold at the end of the month. During August, the following transactions were recorded by the company: 
-The entry to dispose of the underapplied or overapplied overhead cost for the month would include:

Loraine Company Applies Manufacturing Overhead to Jobs Using a Predetermined