Reference no: EM133115968
Question - Springfield Company applies overhead based upon machine hours.
Actual factory overhead for the year was $545,000 and actual machine hours were 37,500.
Budgeted factory overhead was $534,700 and budgeted machine hours were 36,500.
Before disposition of under/over-applied overhead, the cost of goods sold balance was $1,120.000 and ending inventory balances were as follows:
Direct materials $120,000
WIP 380,000
Finished goods 500,000
Required -
1) Calculate the predetermined manufacturing overhead rate.
2) Calculate how much overhead was applied during the period.
3) Calculate how much overhead was over or under applied during the period.
4) Using the ending balances to calculate how much to journalize to COGS and the appropriate inventory accounts, what percentage of your answer in #15 would be journalized to COGS.
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