Ikerd Company applies manufacturing overhead to jobs on thebasis of machine hours used. Overhead costs are estimated to total$283,725 for the year, and machine usage is estimated at 126,100hours.
For the year, $303,850 of overhead costs are incurred and 130,200hours are used.
Compute the manufacturing overhead rate for the year.(Round answer to 2 decimal places, e.g.1.25.)
| Manufacturing overheadrate | | $ | per machine hour |
What is the amount of under- or overapplied overhead at December31?
| Manufacturing Overhead | | $ Overapplied/Underapplied |
Prepare the adjusting entry to assign the under- or overappliedoverhead for the year to cost of goods sold. (Creditaccount titles are automatically indented when amount is entered.Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
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