Q.5.a. Normal annual capacity for the MN Company is 36,000 machine hours, with fixed overhead budgeted as 16,920 and an estimated variable factory overhead rate of $2.10 per hour. During October, actual production required 2,700 machine hours, with a total factory overhead of $7,400. Required: Compute (1) The applied factory overhead and (2) the over-or under applied amount for October (5) Q.5.b. Define process costing, discuss normal and abnormal loss?

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