What was the over or underapplied manufacturing overhead

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Reference no: EM131977318

Problem

Southern Rim Parts estimates its manufacturing overhead to be $360,500 and its direct labor costs to be $1,030,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $62,000 for Job 301, $87,000 for Job 302, and $160,000 for Job 303. For the year, actual manufacturing overhead was $414,000 and total direct labor cost was $837,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.

Required:

a. How much overhead was assigned to each of the three jobs, 301, 302, and 30?

b. What was the over- or underapplied manufacturing overhead for year 1?

Reference no: EM131977318

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