Acc 561 wiley plus week 4 E15-5, E16-3, E17-1

Acc 561 wiley plus week 4 E15-5, E16-3, E17-1 E15-5 Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $353,920 for the year, and machine usage is estimated at 126,400 hours. For the year, $368,283 of overhead costs are incurred and 130,100 hours are used. (a) Compute the manufacturing overhead rate for the year. (Round answers to 2 decimal places, e.g. 1.25.) Manufacturing overhead rate$_________per machine hour Expected overhead costs = $353,920 Machine hours = 126,400 hrs. Manufacturing overhead rate = 353,920/ 126,400 = $2.80 per machine hour (b) What is the amount of under or over-applied overhead at December 31? Actual machine hours used 130,100 hours Standard overhead rate $2.80 per mach. hr. Overhead costs applied (130,000 x 2.80) $364,280 Overhead costs incurred $368,283 Under-applied overhead $(4,003) (c) Prepare the adjusting entry to assign the under or over-applied overhead for the year to cost of goods sold. Adjusting entry: Cost of goods sold 4,003 Manufacturing overhead ...

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