Question: Exercise 2-25 Closing over- or underapplied overhead P4 Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold for each

Exercise 2-25 Closing over- or underapplied overhead P4

Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold for each of the two companies below.

Star Promotions

Valle Builders

Indirect materials

$22,000

$ 12,500

Indirect labor

46,000

46,500

Other overhead

17,000

47,000

Overhead applied

88,000

105,000

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