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Prepare the journal entry to close the overhead account

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Problem - Sheffield Auto Shop uses a normal Job-costing system to allocate overhead on the basis of labour hours. For the current year, Shef?eld estimated that the total overhead costs would be $66,600 and that the total labour hours would be 2,220. At the end of the year, Sheffeld obtained the actual overhead costs from the ledger and found that the shop had incurred $60,844 and had worked 2,173 labour hours.

Compute the predetermined (budgeted) overhead rate.

Prepare the Journal entry to close the overhead account. Assume that the underapplled and overapplled overhead was not material.

A customer brings her car to be fixed. She wants an estimate before she decides to have her car fixed. Sheffield estimates that the parts would cost $268, labour costs $44/hour for 3.00 hours. What is the cost of this Job?

To provide a quote to a customer, Sheffield adds a 44% mark up on the full costs. What is the quote for the Job in (D)?

Reference no: EM132669293

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