Assume you are preparing for a class presentation on the accounting for factory overhead. Prepare a set of notes to guide a presentation that addresses the questions below.

Required:

Describe the four$-$step overhead process.

How are applied and actual factory overhead costs recorded in general ledger accounts?

Explain how underapplied or overapplied factory overhead impacts cost of goods sold.

Harley$-$Davidson manufactures $30$ custom$-$made, luxury$-$model motorcycles. Each is unique. Does it account for these motorcycles as $30$ individual jobs or as a job lot? Explain.