11. Exercise 2-14 Computing Predetermined Overhead Rates and Job Costs [LO2-1, LO2-2, LO2-3, LO2-7]

Moody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates:

Machine-hours required to support estimated production155,000Fixed manufacturing overhead cost$654,000Variable manufacturing overhead cost per machine-hour$4.60

Required:1.Compute the predetermined overhead rate.(Do not round intermediate calculations. Round your answer to 2 decimal places.)

2.During the year, Job 400 was started and completed. The following information was available with respect to this job:

Direct materials requisitioned$360Direct labor cost$260Machine-hours used39

Compute the total manufacturing cost assigned to Job 400.(Do not round intermediate calculations and round final answer to 2 decimal places.)

During the year the company worked a total of 145,200 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,288,164. What is the amount of underapplied or overapplied overhead for the year?(Use the overhead rate determined in requirement 1.)