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Question - George Inc applies manufacturing overhead on the basis of machine hours. Overhead is estimated to be $1,000,000 and machine hours are estimated to be 25,000.
Actual machine hours for the year amounted to 24,000 hours and actual overhead amounted to $900,000.
Required -
What is George's predetermined overhead rate?
What amount was applied to manufacturing overhead?
At the end of year, was manufacturing overhead over- or under-applied?
Refer to the previous question. By what amount was manufacturing overhead over- or under-applied, if any?
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