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Compute the manufacturing overhead rate for the year

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Reference no: EM132747224

Problem - Ikerd Company applies overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $300,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $322,000 of overhead costs are incurred and 130,000 hours are used.

Instructions -

(a) Compute the manufacturing overhead rate for the year.

(b) What is the amount of under-or overapplied overhead at December 31?

(c) Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.

Reference no: EM132747224

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