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Determine the amount of over- or underapplied overhead

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Question - The predetermined overhead allocation rate for Newton, Inc., is based on estimated direct labor costs of $400,000 and estimated factory overhead of $800,000. Actual costs incurred were:

Indirect materials $17,000

Indirect labor 13,000

Direct materials 75,000

Direct labor 30,000

Advertising 50,000

Factory depreciation 17,000

Factory Property taxes 12,000

Sales Commissions 100,500

(a) Calculate the predetermined overhead rate and calculate the overhead applied during the year.

(b) Determine the amount of over- or underapplied overhead and state whether it was under or overapplied. Prepare the journal entry to eliminate the over- or underapplied overhead.

Reference no: EM132595249

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