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The estimated overhead costs of Abel Furniture were $2,200,000and the estimated basis used for charging overhead to production is direct labor hours estimated at 500,000.
The estimated overhead costs of Abel Furniture were $2,200,000and the estimated basis used for charging overhead to production is direct labor hours estimated at 500,000. The actual overhead incurred during the year was $2,800,000 and the amount charged to production was $2,400,000. Calculate the amount of Under/Over applied overhead and close the balance to Cost of Goods sold.
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