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Hohoho Inc. uses a job order costing system. The estimated manufacturing overhead for the year is $3,000,000. The company has decided to allocate the manufacturing overhead to products on the basis of direct labour cost. The estimated direct labour costs for the year are $4,000,000.
At the end of the year over 40,000 different jobs were produced. Actual manufacturing overhead costs amounted to $3,200,000 instead of the $3,000,000 estimated at the beginning of the year. The actual direct labour costs amounted to $ 3,800,000. Problem 1: How much manufacturing overhead was applied to all of the 40,000 + jobs? Problem 2: Was the manufacturing overhead over or under applied? Problem 3: By how much was the manufacturing overhead over or under applied?
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