The manufacturing records for Krazy Kayaks at the end of the 2012 fiscal year show the following
Question:
Overhead allocated to production . . . . . . . . . . . . . . . . . . $ 405,900
Actual manufacturing overhead costs . . . . . . . . . . . . . . . $ 428,000
Overhead allocation rate for the year . . . . . . $ 41 per machine hour
Requirements
1. How many machine hours did Krazy Kayaks use in 2012?
2. Was manufacturing overhead over- or under-allocated for the year and by how much?
3. Prepare the journal entry to close out the over- or under-allocated overhead.
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Req 1 Krazy Kayaks used 9900 machine hours in 2012 X Actual number of machine hours 41 X 4059...View the full answer
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Related Book For 
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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