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Compute the manufacturing overhead rate for the year

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Reference no: EM132605443

XYZ company applies manufacturing overhead to jobs on the basis of machine hours used. Overhesd costs are expected to total $425k for the yet. And machine usage is estimated at 125k hrs. For the year $450k of overhead costs incurred and 130k hours used.

Question 1: Compute the manufacturing overhead rate for the year (answer by rounding 2 decimal places, ex 00.00)

Question 2: Amount of under-or- overapplied overhead at Dec 31?

Question 3: Assuming the under -overapplied rate for the yr is not allocated to inventory accts, the adjusted entry to assign COGS... Journal entry would like....

Reference no: EM132605443

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