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What is the companies predetermined overhead rate

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Reference no: EM132956051

Question - Sniped Corporation bases it's predetermined overhead rate on the estimated labor hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the labor-hours for the upcoming year at 78,000 labor hours.  The estimated variable manufacturing overhead was $9.99 per labor-hour and the estimated total fixed manufacturing overhead was 985,920.  The actual manufacturing overhead for the year was $1,812,700 and the companies direct labor workers, worked a total of 80,000 labor hours.

-What is the companies predetermined overhead rate

-Also what is the manufacturing overhead applied

-Is the manufacturing overhead over or under applied and if so by how much?

-What is the journal entry to close the over or underapplied overhead to Cost of Goods sold?

Reference no: EM132956051

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