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Problem- Compute predetermined overhead rate and under applied or over applied overhead.
Sullivan Company applied overhead to production using a predetermined overhead rate based on machine-hours. Budgeted data for 2014 are:
Budgeted machine-hours 75,000
Budgeted manufacturing overhead $870,000
a. Compute the predetermined overhead rate.
b. Assume that in 2014, actual manufacturing overhead amounted to $997,500, and 86,000 machine-hours were used. Compute the amount of underapplied or overapplied manufacturing overhead for 2014.
c. Prepare the journal entry to transfer underapplied or overapplied overhead to Cost of Goods Sold.
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