Question
During the first quarter of 2022, Sandhill Company reports the following: 1. Estimated overhead $ 221,783 2. Actual overhead $ 220,050 3. Estimated labour costs
During the first quarter of 2022, Sandhill Company reports the following:
1. | Estimated overhead $ 221,783 | ||
2. | Actual overhead $ 220,050 | ||
3. | Estimated labour costs $ 169,300 | ||
4. | Actual labour costs $ 174,100 |
The company allocates its overhead on the basis of direct labour cost.
Calculate the predetermined overhead rate. (Round answer to the nearest whole percentage, e.g. 152%.)
Predetermined overhead rate | enter the predetermined overhead rate in percentages rounded to the nearest whole % |
Calculate the over-applied or under-applied manufacturing overhead.
Actual manufacturing overhead | $ enter a dollar amount | ||
Applied manufacturing overhead | $ enter a dollar amount | ||
Manufacturing overhead | $ enter a dollar amount | select an option Over-appliedUnder-applied |
Prepare the adjusting entry to close the under-applied or over-applied overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter a dollar amount | enter a debit amount | enter a credit amount |
enter a dollar amount | enter a debit amount | enter a credit amount |
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