154804 E-Learning Time left 0:27:54 ition 3 A company has decided to use Machine Hours (MHs) as the most appropriate cost driver to allocate overheads (OHDS) in their small yet rered manufacturing company. At the beginning of the year, the company set a predetermined overhead rate (POHR) for each Machine Hour used on jobs during the period. ked out of Using the following information, calculate the Predetermined Overhead Rate, calculate the amount of overhead applied, compare this lag question to the actual overhead and indicate whether amount of adjustment required to be made to the Cost of Goods Sold (COGS) Account to eliminate any over or under applied overhead for the period. Budgeted Annual OHDS $883,728 Budgeted Annual Cost Driver Activity Level 10944 MH Actual Activity Level 11650 MH Actual OHDS $926,626 Required: Enter the amount to be applied to the COGS Account PLUS show whether this should be Debited (DR) or Credited (CR) by that amount. NOTE: Your answer must ONLY include the amount (as a positive number) and either DR or CR. e.g. If you decide to Credit the COGS Account by $1,000 then ONLY enter 1000 CR (Note the DR or CR should be in CAPITAL LETTERS and AFTER the number and you do NOT enter "UNDER" or "OVER