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Question - The following information pertains to Glass Works Company for 2014.
Budgeted direct-labour cost: 75,000 hours at $16 per hour
Actual direct-labour cost: 80,000 hours at $17.50 per hour.
Budgeted Manufacturing Overhead: $ 997,500
Actual Manufacturing Overhead:
Depreciation $ 240,000
Property Taxes 12,000
Indirect Labour 82,000
Supervisory Salaries 200,000
Utilities 59,000
Insurance 30,000
Rental of Space 300,000
Indirect Material 79,000
Required
(i) Compute the firm's predetermined overhead rate, which is based on direct-labour hours.
(ii) Calculate the overapplied or underapplied overhead for 2014.
(iii) Prepare a journal entry to close out the Manufacturing Overhead Account into Cost of Goods Sold.
What does your choice say about your risk tolerance? If you chose option 1 or 2, what amount could would it choose option 3, $800,000, a million
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