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Calculate the overhead cost applied during the year

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Reference no: EM131977992

Question - The predetermined overhead allocation rate for Harris, Inc., is based on estimated direct labor costs of $400,000 and estimated factory overhead of $500,000. Actual cost incurred were:

Direct material $250,000

Direct labor 410,000

Indirect material 55,000

Indirect labor 125,000

Sales commissions 50,000

Factory depreciation 170,000

Property taxes, factory 15,000

Factory utilities 35,000

Advertising 62,500

Factory equipment rental 100,000

a. Calculate the predetermined overhead allocation rate. (Show calculation.)

b. Calculate the overhead cost applied during the year. (Show calculation.)

c. Determine the amount of over- or underapplied overhead. (Show calculation.)

d. Prepare thejournal entry to eliminate the over- or underapplied overhead assuming that it is not material in amount. (Show calculation.)

Reference no: EM131977992

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