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Closing Overapplied or Underapplied Overhead to Cost of Goods Sold

This video shows how to close overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Manufacturers apply overhead using a predetermined overhead rate, but the manufacturing overhead applied often differs from the actual overhead incurred. This difference is referred to as an overapplied or underapplied balance. Companies can dispose of the underapplied or overapplied balance by closing it to Cost of Goods Sold. For example, if the company had an underapplied balance of $1,700 (meaning the company didn't apply enough overhead) it could debit Cost of Goods Sold for $1,700 and credit Manufacturing Overhead for $1,700. Conversely, if the company had an overapplied balance of $1,700 (meaning the company applied too much overhead) it could debit Manufacturing Overhead for $1,700 and credit Cost of Goods Sold for $1,700. — Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people. — SUBSCRIBE FOR A FREE 53-PAGE GUIDE TO THE FINANCIAL STATEMENTS & OTHER FREE GUIDES http://eepurl.com/dIaa5z — MICHAEL’S STORY https://www.edspira.com/about/ — LISTEN TO THE SCHEME PODCAST Apple Podcasts: https://podcasts.apple.com/us/podcast... Spotify: https://open.spotify.com/show/4WaNTqV... Website: https://www.edspira.com/podcast-2/ — CONNECT WITH EDSPIRA Website: https://www.edspira.com Instagram:   / edspiradotcom   LinkedIn:   / edspira   Facebook:   / edspira   Reddit:   / edspira   *TikTok:   / edspira   — CONNECT WITH MICHAEL LinkedIn:   / prof-michael-mclaughlin   Twitter:   / prof_mclaughlin   Instagram:   / prof_mclaughlin   Snapchat:   / prof_mclaughlin   *TikTok:   / prof_mclaughlin   — HIRE MCLAUGHLIN CPA Website: http://www.MichaelMcLaughlin.com/hire-me