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Budgeted factory overhead of SOLANO Corp. was $399,600 and the budgeted machine-hours were 27,750. Actual factory overhead was $431,880 and actual machine-hours were 28,575. Solano Corporation applies overhead based upon machine-hours.
Before disposition of under/overapplied overhead, the cost of goods sold was $840,000 and ending inventories were as follows:
Direct materials $ 90,000
WIP 285,000
Finished goods 375,000
Total $750,000
Required:
Question a. Determine the budgeted factory overhead rate per machine-hour.
Question b. Compute the over/underapplied overhead.
Question c. Prepare the journal entry to dispose of the variance using the write-off to cost of goods sold approach.
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