43. (Predetermined overhead rate) Walton Company has developed a monthly overhead cost formula of $2,760 $4

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43. (Predetermined overhead rate) Walton Company has developed a monthly overhead cost formula of $2,760 $4 per direct labor hour for 2000. The firm’s 2000 expected annual capacity is 24,000 direct labor hours, to be incurred evenly each month. Two direct labor hours are required to make one unit of the company’s product.

a. Determine the total overhead to be applied to each unit of product in 2000.

b. Prepare journal entries to record the application of overhead to Work in Process Inventory and the incurrence of $10,430 of actual overhead in a month in which 1,850 direct labor hours were worked.

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