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Question - Parker Corporation uses a job-order costing system and applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor-hours. Last year manufacturing overhead and direct labor-hours were estimated at $81,840 and 24,800 hours, respectively, for the year. In June, Job #461 was completed. Materials costs on the job totaled $4,800 and labor costs totaled $2,204 at $5.80 per hour. At the end of the year, it was determined that the company worked 32,650 direct labor-hours for the year and incurred $100,045 in actual manufacturing overhead costs.
Required:
a. Job #461 contained 100 units. Determine the unit product cost that would appear on the job cost sheet.
b. Determine the underapplied or overapplied overhead for the year.
overhead is applied on the basis of direct labor hours. three direct labor hours are required for each product unit.
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