Question
Vaughn Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $283,725for the year, and machine
Vaughn Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $283,725for the year, and machine usage is estimated at126,100hours.
For the year, $303,850of overhead costs are incurred and130,200hours are used.
Compute the manufacturing overhead rate for the year.(Round answer to 2 decimal places, e.g. 1.25.)
Manufacturing overhead rate$
per machine hour
SHOW LIST OF ACCOUNTS
What is the amount of under- or overapplied overhead at December 31?
Manufacturing Overhead$
Overapplied
Underapplied
Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started