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Compute the manufacturing overhead rate for the year

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Reference no: EM131942463

Question - Duggan Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $325,000 for the year, and machine usage is estimated at 125,000 hours. For the year, $342,000 of overhead costs are incurred and 130,000 hours are used.

a. Compute the manufacturing overhead rate for the year.

b. What is the amount of under- or overapplied overhead at December 31?

c. Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.

Reference no: EM131942463

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