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Foster Corporation applies manufacturing overhead using a predetermined overhead rate based on direct labor hours....

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Accounting

Foster Corporation applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Foster closes any differences between actual and applied overhead to Cost of Goods Sold. During the year, Foster incurred manufacturing overhead costs of $3,175. The predetermined overhead rate is $5.00 per direct labor hour, the direct labor rate is $15 per hour, the direct materials cost is $2,750, and the total product cost is $14,500. The journal entry to close out the difference between actual and applied overhead will include: a debit or credit to COGS of how much.

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