Fox Co. uses a job order costing system and applies manufacturing overhead to jobs using a nredetermined overhead rate based on direct labor hours. Additional information: Required: - Compute the predetermined overhead rate. $50,000/20,000= - Compute the total overhead applied for the year. - Was overhead over or under applied and by how much. over, $4,000 - Prepare the journal entry to close out the manufacturing overhead account. Debit COGS, credit manutactuning overhead - Compute the total cost charged to Job \#500 Fox Co. uses a job order costing system and applies manufacturing overhead to jobs using a nredetermined overhead rate based on direct labor hours. Additional information: Required: - Compute the predetermined overhead rate. $50,000/20,000= - Compute the total overhead applied for the year. - Was overhead over or under applied and by how much. over, $4,000 - Prepare the journal entry to close out the manufacturing overhead account. Debit COGS, credit manutactuning overhead - Compute the total cost charged to Job \#500