Reference no: EM132992115
Question - a) A company has the following transactions during the week.
Purchase of $1,000 raw materials inventory
Assignment of $500 of raw materials inventory to Job 5
Payroll for 20 hours with $1,000 assigned to Job 5
Factory utility bills of $750
Overhead applied at the rate of $10 per hour
Required - What is the cost assigned to Job 5 at the end of the week?
b) When setting its predetermined overhead application rate, Tasty Turtle estimated its overhead would be $75,000 and manufacturing would require 25,000 machine hours in the next year. At the end of the year, it found that actual overhead was $74,000 and manufacturing required 24,000 machine hours.
Required - i) Determine the predetermined overhead rate.
ii) What is the overhead applied during the year?
iii) Determine the under- or overapplied overhead.
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