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The following dashboard shows a manufacturer$$s estimated and actual costs for the year.

A manufacturer$$s estimated and actual costs for the year. Indirect materials: estimated costs, $46,000$; actual costs, $41,500.$ other overhead costs: estimated costs, $94,000$; actual costs, $92,400.$ depreciation of factory building: estimated costs, $60,000$; actual costs, $60,000.$ Depreciation of factory equipment: estimated costs, $80,000$; actual costs, $80,000.$ selling expenses: estimated costs, $35,000$; actual costs, $36,000.$ general and administrative expenses: estimated costs, $54,000$; actual costs, $52,000.$ indirect labor: estimated costs, $120,000$; actual costs, $115,000.$ Direct materials: estimated costs, $244,000$; actual costs, $241,000.$ Direct labor: estimated costs, $200,000$; actual costs, $202,400.$ All values are in dollars. Estimated overhead cost

Indirect materialsselected answer correct $$46,000$selected answer correct

Depreciation of factory buildingselected answer correct $60,000$selected answer correct

Depreciation of factory equipmentselected answer correct $80,000$selected answer correct

General and administrative expensesselected answer incorrect $54,000$selected answer incorrect

not attempted not attempted

not attempted not attempted

Total estimated overhead cost $$240,000$ Compute the predetermined overhead rate as a percentage of estimated direct labor cost.

Overhead Rate

Numerator: $/$ Denominator: $=$ Overhead Rate

Estimated overhead costselected answer correct $/$ Estimated direct laborselected answer correct $=$ Overhead Rate

$$240,000$selected answer incorrect $/$ $$200,000$selected answer correct $=120\%$ Compute the total amount of applied overhead for the year.

Applied overhead for the year $$242,880$selected answer incorrect Compute the total amount of actual overhead for the year.

Actual overhead cost

Indirect materialsselected answer correct $$41,500$selected answer correct

Depreciation of factory buildingselected answer correct $60,000$selected answer correct

Depreciation of factory equipmentselected answer correct $80,000$selected answer correct

General and administrative expensesselected answer incorrect $52,000$selected answer incorrect

not attempted not attempted

not attempted not attempted

Total actual overhead cost $$233,500$ Prepare the journal entry to close under$-$ or overapplied overhead at year$-$end.

No Transaction General Journal Debit Credit

A $1$ Factory overheadselected answer correct $9,380$selected answer incorrect not attempted

Cost of goods soldselected answer correct not attempted $9,380$selected answer incorrect

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