Question: 103. Green Corp. uses a predetermined overhead rate based on direct labor hours. Green has determined that overhead was overapplied by $20,000 for the year.

103. Green Corp. uses a predetermined overhead rate based on direct labor hours. Green has determined that overhead was overapplied by $20,000 for the year. The WIP ending inventory was $125,000. The finished goods inventory was $200,000 and the COGS was $500,000. Required: A. Make the journal entries to close the overapplied overhead out to COGS. B. Make the journal entries to prorate the overapplied overhead.

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