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Compute the amount of under- or overallocated manufacturing

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Question - Colonial Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours.

Required -

1. Compute the budgeted manufacturing overhead rate.

2. Prepare the summary journal entry to record the allocation of manufacturing overhead.

3. Compute the amount of under- or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Colonial Woodworking write it off to cost of goods sold?

Reference no: EM132646174

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