Prepare entry to allocate the over- or underapplied overhead

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Reference no: EM132765600

Question - Yarra Fabrication estimates that its manufacturing overhead will be $2,240,000 in year 1. It further estimates that direct material costs will amount to $1,400,000. Actual manufacturing overhead costs for the year were $2,400,000. Actual direct materials costs were $1,550,000. Manufacturing overhead is applied to jobs based on direct materials cost using predetermined rates. The total applied overhead for the year was $2,480,000.

The balance in each of the inventory accounts is as follows.

Work-in-process inventory $451,000

Finished goods inventory $1,066,000

Cost of goods sold $6,683,000

Required - Prepare an entry to allocate the over- or underapplied overhead.

Reference no: EM132765600

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