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What is the adjusting entry to record the over-under applied

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Reference no: EM133160194

Question - Assume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. OH is based on direct labor cost. If Job 5265 incurs direct material costs of $1,363, direct labor of $750, and is sold for $3,200.

Required -

1. What is the overhead rate?

2. What is the journal entry to apply overhead to Job 5265?

3. What is total cost of Job?

4. What is gross profit?

5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH?

Reference no: EM133160194

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