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1. Calculate the Overhead Application Rate using the information below. 2. How much overhead was charged in 2020? 3. Was the overhead overapplied or underapplied?

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1. Calculate the Overhead Application Rate using the information below. 2. How much overhead was charged in 2020? 3. Was the overhead overapplied or underapplied? By how much? 4. Prepare the journal entry for the write off to Cost of Goods Sold. 1. Budgeted Manufacturing Overhead $7,600,000 2. Budgeted Direct labor dollars $ 400,000 3. Actual Overhead $7,320,000 4. Actual Direct labor dollars $392,000

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