Consider the following selected cost data for KYM Inc. for 2016: Budgeted manufacturing overhead (MOH)....................$4,180,000 Budgeted machine-hours
Question:
Consider the following selected cost data for KYM Inc. for 2016:
Actual manufacturing overhead (MOH) ending balance.....$4,230,000
Actual machine-hours (MH).........................................192,000
KYM's job-costing system has a single manufacturing overhead cost pool (allocated using a budgeted rate based on actual MH). Any amount of under allocation or over allocation is immediately written off to cost of goods sold.
Required
1. Compute the budgeted manufacturing overhead (MOH) rate.
2. Journalize the allocation of manufacturing overhead (MOH).
3. Compute the amount of under allocation or over allocation of MOH. Is the amount significant? Journalize the disposition of this amount based on the ending balances in the relevant accounts.
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