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Predetermined Overhead Rate, Applied Overhead, Unit Cost Ripley, Inc., costs products using a normal costing...

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Accounting

Predetermined Overhead Rate, Applied Overhead, Unit Cost

Ripley, Inc., costs products using a normal costing system. The following data are available for last year:

Budgeted:

Overhead$300,700

Machine hours86,000

Direct labor hours9,700

Actual:

Overhead$300,000

Machine hours84,000

Direct labor hours9,340

Prime cost$970,460

Number of units180,000

Overhead is applied on the basis of direct labor hours.

Required:

1.What was the predetermined overhead rate?

2.What was the applied overhead for last year?

3.Was overhead over- or underapplied, and by how much?

4.What was the total cost per unit produced? (Carry your answer to four significant digits.)

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