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What is the predetermined overhead rate

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Problem - Mountain Peaks applies overhead on the basis of machine hours and reports the following information:

 

Budget

Actual

Overhead

$300,000

$295,000

Machine hours

60,000

57,000

Direct materials

 

$210,000

Direct labor

 

$350,000

Required -

A. What is the predetermined overhead rate?

B. How much overhead was applied during the year?

C. Was overhead over- or underapplied, and by what amount?

D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank.

 

Reference no: EM132649045

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