Morris Company applies overhead based on direct labor costs. For the current year, Morris Company...
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Accounting
Morris Company applies overhead based on direct labor costs. For the current year, Morris Company estimated total overhead costs to be $424,000, and direct labor costs to be $2,120,000. Actual overhead costs for the year totaled $398,000, and actual direct labor costs totaled $1,860,000. At year-end, Factory Overhead is:
Multiple Choice
Neither overapplied nor underapplied.
Underapplied by $26,000.
Overapplied by $26,000.
Overapplied by $199,000.
Overapplied by $52,000.
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