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#12 A company applies overhead at a rate of 160% of direct labor cost. Actual...

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Accounting

#12

A company applies overhead at a rate of 160% of direct labor cost. Actual overhead cost for the current period is $984,100, and direct labor cost is $606,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold.

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