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Question #9 (10 minutes) Jordan Company operates a highly automated manufacturing business. The company uses...

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Question #9 (10 minutes) Jordan Company operates a highly automated manufacturing business. The company uses a job order costing system and applies manufacturing overhead cost to products on the basis of machine hours recorded to complete each job. For 2020 machine hours were estimated at 4,000 and manufacturing overhead costs were estimated by $ 230,000. Due to a virus production was cut back and a build up of inventory occurred in the company's warehouse. The company's cost records indicated the following actual cost and operating data for 2020. 3,150 $ 228,000 Machine hours Manufacturing overhead costs Inventories at yearend Raw materials Work in Process Finished goods Cost of Goods Sold $ 20,000 $ 32,000 $ 530,000 $ 428,000 Required: a)Calculate the predetermined overhead rate for 2020 b)Calculate the under or over applied overhead for 2020 c)Prepare the journal entry to record the under or over applied overhead under IFRS

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