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Is overhead underapplied or overapplied

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Reference no: EM132440611

Problem: Denner Company incurred actual manufacturing overhead costs of $260,000 during the year ended December 31, 2016. A total of $350,000 in overhead was applied to jobs. At December 31, 2016, work-in-process inventory totals $100,000, and finished goods inventory totals $300,000. Cost of goods sold before adjustments totals $600,000 for the year.

Required:

Question 1: Is overhead underapplied or overapplied?

Question 2: Close the manufacturing overhead account, assuming the balance is immaterial.

Question 3: Close the manufacturing overhead account, assuming the amount is material.

Reference no: EM132440611

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