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Calculate the predetermined overhead rate

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Reference no: EM133126097

Question - During the first quarter of 2022, Ivanhoe Company reports the following:

1. Estimated overhead $220,740

2. Actual overhead $220,680

3. Estimated labour costs $169,800

4. Actual labour costs $172,900

The company allocates its overhead on the basis of direct labour cost.

Calculate the predetermined overhead rate.

Calculate the over-applied or under-applied manufacturing overhead.

Prepare the adjusting entry to close the under-applied or over-applied overhead.

Reference no: EM133126097

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