Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of machine hours. For the upcoming year, Blueberry Corp. estimated total manufacturing overhead cost at $440,300 and total machine hours of 47,600. During the year actual manufacturing overhead incurred was $432,960 and 49,200 machine hours were used. (a) Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined Overhead Rate per hour (b) Calculate how much manufacturing overhead will be applied to production. Manufacturing Overhead Applied (c) Is overhead over- or underapplied? By how much? (Input the amount as positive value.)

Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of machine hours. For the upcoming year, Blueberry Corp. estimated total manufacturing overhead cost at $440,300 and total machine hours of 47,600. During the year actual manufacturing overhead incurred was $432,960 and 49,200 machine hours were used. (a) Calculate the predetermined overhead rate. (Round your answer to 2 decimal places.) Predetermined Overhead Rate per hour (b) Calculate how much manufacturing overhead will be applied to production. Manufacturing Overhead Applied (c) Is overhead over- or underapplied? By how much? (Input the amount as positive value.)

Name: Blueberry Corp. uses a job order costing system with manufacturing ov
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Description: Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of machine hours. Forthe upcoming year, Blueberry Corp. estimated total manufacturing overhead cost at $440,300 and total machine hours of 4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $520,000, and direct materials costs, $200,000.At year-end, the company reports that actual overhead costs for the year are $528,700 and actual direct materials costs for the year are $200,000. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year. 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead…
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