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Prepare the entry to apply the overhead for the year

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Question - Pharoah Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. Listed below are data for the current year:

Estimated overhead costs $891,000

Actual overhead costs $915,600

Estimated decorator hours 40,500

Actual decorator hours 41,040

The company uses Operating Overhead in place of Manufacturing Overhead, and Service Contracts in Process in place of Work in Process Inventory.

Calculate the predetermined overhead rate.

Prepare the entry to apply the overhead for the year.

Determine whether the overhead was under- or over-applied and by how much.

Reference no: EM133121881

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