Acctg 5000 HW #4 1. Findley Company and Lemon Company both use predetermined overhead rates to apply manufacturing overhead to production Findley's is based on machine hours and Lemon's is based on materials cost. Budgeted production and cost data for Findley and Lemon are as follows: Manufacturing overhead Units produced Findley $912,000 20,000 Lemon $990,000 60,000 Machine hours Materials cost 40,000 $450,000 33,750 $1,800,000 At the end of the year. Findley Company had incurred overhead of $915,000 and had produced 19,600 units using 47.700 machine hours and materials costing $445,000 Lemon Company had incurred overhead of $972,000 and had produced 61,500 units using 32,650 machine hours and materials costing $1.777.500 a Compute the predetermined overhead rates for Findley Company and Lemon Company b. Was overhead over or under applied for each company, and by how much? L DOLL