130. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied was $16,500. Actual overhead incurred was $17,200.A. Prepare a journal entry to...

130. Selwyn's Service applied overhead on the basis of direct labor costs during the current year. Overhead applied was $16,500. Actual overhead incurred was $17,200.
A. Prepare a journal entry to remove this difference assuming that it is not material.
B. Instead, assume actual overhead incurred was only $24,000. Describe (without computations) the alternative procedure that Selwyn might use to record this material difference.

131. Dina Corp. uses a job order cost accounting system. Four jobs were started during the current year. The following is a record of the costs incurred:

Actual overhead costs were $55,800. The predetermined overhead allocation rate is $2.40 per direct labor hour. During the year, Jobs 1010, 1012, and 1013 were completed. Also, Jobs 1010 and 1013 were sold for $387,000. Assuming that this is Dina's first year of operations:
(A. Calculate the balance in the Goods in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold accounts.

(B. Does the Factory Overhead account balance indicate an over- or underapplication of overhead? Prepare the entry to close this out assuming the amount is not material.