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The Canterbury Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year was 54,300. The actual factory overhead for the year was $1,375,000.
Problem a. Calculate the predetermined overhead rate to apply factory overhead
Problem b. Calculate the total factory overhead amount applied and prepare the journal entry to apply factory overhead
Problem c. Calculate the over/underapplied amount for the year
Problem d. Prepare the journal entry to close factory overhead into Cost of Goods Sold
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