L01 Morrison, Inc., costs products using a normal costing system. The following data are available for...

      

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L01 Morrison, Inc., costs products using a normal costing system. The following data are available for last year: Budgeted: Overhead $952,000 140,000 34,000 Machine hours Direct labor hours Actual: Overhead $950,000 137,000 33,100 $3,500,000 500,000 Machine hours Direct labor hours Prime cost Number of units Overhead is applicd on the basis of direct labor hours. Part 1 Foundation Concepts 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 decimal places)? L01 Morrison, Inc., costs products using a normal costing system. The following data are available for last year: Budgeted: Overhead $952,000 140,000 34,000 Machine hours Direct labor hours Actual: Overhead $950,000 137,000 33,100 $3,500,000 500,000 Machine hours Direct labor hours Prime cost Number of units Overhead is applicd on the basis of direct labor hours. Part 1 Foundation Concepts 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 decimal places)?

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Plantwide Overhead rate Overhead costs are all the costs other than direct material and direct labor that are not tied to the production Kenton 2019 Businesses use the manufacturing overhead rate to a... View the full answer