Ppicd uiderappiied overhead to Cost5 5.34 Allocating overhead, job costing, close over- and underapplied overhead The Futons for You veny sells batches of custom-made futons to customers and uses predetermined rates for fixe overhead, based on machine hours. The following data are available for last year Budgeted and actual fixed factory overhead cost Budgeted machine hours Actual machine hours used $160,000 100,000 1 10,000 Job 20 Job 21 Job 22 Job 23 Machine Hours Used 11,000 16,000 14,000 9,000 ED: A. Compute the estimated overhead allocation rate to be used for the year. B. Determine the overhead to be allocated to Job 21. C. Determine total overapplied or underapplied overhead at the end of the year. D. Should cost of goods sold be increased or decreased at the end of the year? Why? E. If the amount of overapplied or underapplied overhead is material, how is it assigned? Ppicd uiderappiied overhead to Cost5 5.34 Allocating overhead, job costing, close over- and underapplied overhead The Futons for You veny sells batches of custom-made futons to customers and uses predetermined rates for fixe overhead, based on machine hours. The following data are available for last year Budgeted and actual fixed factory overhead cost Budgeted machine hours Actual machine hours used $160,000 100,000 1 10,000 Job 20 Job 21 Job 22 Job 23 Machine Hours Used 11,000 16,000 14,000 9,000 ED: A. Compute the estimated overhead allocation rate to be used for the year. B. Determine the overhead to be allocated to Job 21. C. Determine total overapplied or underapplied overhead at the end of the year. D. Should cost of goods sold be increased or decreased at the end of the year? Why? E. If the amount of overapplied or underapplied overhead is material, how is it assigned