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Compute the predetermined overhead rate for each company

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Reference no: EM131802326

Mason Company and Rodd Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year.

Mason Company Rodd Company
  Actual manufacturing overhead $ 145,000 $ 223,700
  Actual direct labor hours 21,000 22,000
  Underapplied overhead 12,500
  Overapplied overhead 23,000

Required:

a. Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.)

b. Using T-accounts, record applied and actual overhead and the entry to close the over applied or under applied overhead at the end of the accounting period for each company, assuming the amounts are immaterial.

Reference no: EM131802326

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