Solution-Prepare an entry to allocate the overapplied

Prepare an entry to allocate the overapplied overhead

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Reference no: EM13516315

Prorate Under- or Overapplied Overhead

Mark Corporation estimates its manufacturing overhead to be $90,000 and its direct labor costs to be $200,000 for year 1. The actual direct labor costs were $50,000 for Job 301, $75,000 for Job 302, and $100,000 for Job 303 during year 1; the actual manufacturing overhead was $97,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.

Prepare an entry to allocate the under- or overapplied overhead. Overhead applied in each of the inventory accounts is as follows:

Work-in-process inventory	$10,125
Finished goods inventory	30,375
Cost of goods sold	60,750

Reference no: EM13516315

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Prepare an entry to allocate the overapplied overhead

Reference no: EM13516315

Reference no: EM13516315

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