(Solved): Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor ...

Tomek Company uses a job costing system that applies factory overhead on the basis of direct labor hours. The company's factory overhead budget for the current year included the following estimates: At the end of the year, the company shows these results: Required: 1. Compute the firm's predetermined factory overhead rate for the current year. 2. Calculate the amount of overapplied or underapplied overhead. 3. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account. Complete this question by entering your answers in the tabs below. Compute the firm's predetermined factory overhead rate for the current year. Calculate the amount of overapplied or underapplied overhead. Prepare a journal entry to transfer the underapplied or overapplied overhead to the Cost of Goods Sold account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the entry to transfer the underapplied or overapplied overhead to Cost of Goods Sold. Note: Enter debits before credits.