Record the journal entry to close over- or underapplied factory overhead to Cost of Goods Sold for each of the two companies below.
___________________________Storm Concert Promotions _____Valle Home Builders
Actual indirect materials costs . . . . . . . . $22,000 .................................. $ 12,500
Actual indirect labor costs . . . . . . . . . . . . 46,000 .................................... 46,500
Other overhead costs . . . . . . . . . . . . . . . . 17,000 .................................... 47,000
Overhead applied . . . . . . . . . . . . . . . . . . . 88,200 .................................. 105,200