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What is overhead variance and is overapplied or underapplied

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Reference no: EM132950431

Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor hours to be 40,000. During February, Morrow has 4,200 direct labor hours and 8,000 machine hours.

Problem 1: If the actual overhead for February is $64.700, what is the overhead variance and is it overapplied or underapplied?

Option 1: $200 overapplied
Option 2: $1,000 underapplied
Option 3: $400 underapplied
Option 4: $400 overapplied

Reference no: EM132950431

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