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Prorate Under- or Overapplied Overhead
Mark Corporation estimates its manufacturing overhead to be $90,000 and its direct labor costs to be $200,000 for year 1. The actual direct labor costs were $50,000 for Job 301, $75,000 for Job 302, and $100,000 for Job 303 during year 1; the actual manufacturing overhead was $97,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.
Prepare an entry to allocate the under- or overapplied overhead. Overhead applied in each of the inventory accounts is as follows:
Work-in-process inventory
$10,125
Finished goods inventory
30,375
Cost of goods sold
60,750
What is the impact of this method of creating the profit-and-loss statement on management decision making and what is the impact of this method of creating the profit-and-loss statement on business performance?
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