Mountain Peaks applies overhead on the basis of machine hours and reports the following information:BudgetActual$150,00030,000OverheadMachine hoursDirect materialsDirect laborA. What is the predetermined overhead rate?5✓ per machine hourB. How much overhead was applied during the year?135,000✔ machine hours$144,00027,000$210,000$350,000C. Was overhead over- or underapplied, and by what amount?9,000 ✓UnderappliedFeedbackCheck My WorkUse budgeted amounts to calculate the predetermined overhead rate. The amount is then used to determine the overhead applied (along with otoverapplied.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.Cost of Goods Sold18Manufacturing Overhead

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Description: Mountain Peaks applies overhead on the basis of machine hours and reports the following information:BudgetActual$150,00030,000OverheadMachine hoursDirect materialsDirect laborA. What is the predetermined overhead rate?5✓ per machine hourB. How much

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intain Peaks applies overhead on the basis of machine hours and reports the following information: Actual Overhead Machine hours Direct materials Direct labor Feedback Budget $150,000 30,000 Check Mock $144,000 27,000 A. What is the predetermined overhead rate? 5✔ per machine hour B. How much overhead was applied during the year? 135,000 ✓ machine hours C. Was overhead over- or underapplied, and by what amount? Underapplied ✓$ 9,000 ✓ $210,000 $350,000

intain Peaks applies overhead on the basis of machine hours and reports the following information: Actual Overhead Machine hours Direct materials Direct labor Feedback Budget $150,000 30,000 Check Mock $144,000 27,000 A. What is the predetermined overhead rate? 5✔ per machine hour B. How much overhead was applied during the year? 135,000 ✓ machine hours C. Was overhead over- or underapplied, and by what amount? Underapplied ✓$ 9,000 ✓ $210,000 $350,000

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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