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Denner Company incurred actual manufacturing overhead costs of $260,000 during the year ended December 31, 2016. A total of $350,000 in overhead was applied to jobs. At December 31, 2016, work-in-process inventory totals $100,000, and finished goods inventory totals $300,000. Cost of goods sold before adjustments totals $600,000 for the year.
Required:
Question a. Is overhead underapplied or overapplied?
Question b. Close the manufacturing overhead account, assuming the balance is immaterial.
Question c. Close the manufacturing overhead account, assuming the amount is material.
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