Exercise 5.24 Buffalo Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Buffalo estimated that the total overhead costs would be $77,700 and that the total labour hours would be 2.590. At the end of the year, Buffalo obtained the actual overhead costs from the ledger and found that the shop had incurred $71,204 and had worked 2,543 labour hours. Compute the predetermined (budgeted) overhead rate. Overhead Rates SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Compute the overhead amount that was applied for the year. Was overhead underapplied or overapplied? Overhead Amounts SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the journal entry to close the overhead account. Assume that the underapplied and overapplied overhead was not material. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry Required for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT A customer brings her car to be fixed. She wants an estimate before she decides to have her car fixed. Buffalo estimates that the parts would cost $270, labour costs $40/hour for 2.50 hours. What is the cost of this job? Total Cost $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT To provide a quote to a customer, Buffalo adds a 40% mark up on the full costs. What is the quote for the job in (D)? Quote $