Calculate and Use Overhead Rate Selected data for the consulting department of Kingman Consulting, Inc , follow Estimated consulting overhead cost for the year $405,000 Estimated direct labor cost for the year ( $9 hr ) 324,000 Actual manufacturing overhead cost for May 26,000 Actual direct labor cost for May (2,400 hours) 22,000 Assuming that direct labor cost is the basis for applying consulting overhead, a Calculate the predetermined overhead rate 9 b Prepare a journal entry that applies consulting overhead for May General Journal Description Debit Credit C By what amount is consulting overhead over or underapplied in May Consulting overhead was by $ in May

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Question: Calculate and Use Overhead Rate Selected data for the consulting department of Kingman Consulting, Inc., follow: Estimated consulting overhead cost for the year $405,000 Estimated

Calculate and Use Overhead Rate

Selected data for the consulting department of Kingman Consulting, Inc., follow:

Estimated consulting overhead cost for the year	$405,000
Estimated direct labor cost for the year (@ $9/hr.)	324,000
Actual manufacturing overhead cost for May	26,000
Actual direct labor cost for May (2,400 hours)	22,000

Assuming that direct labor cost is the basis for applying consulting overhead,

Calculate and Use Overhead Rate Selected data for the consulting department of

a. Calculate the predetermined overhead rate. 9% b. Prepare a journal entry that applies consulting overhead for May. General Journal Description Debit Credit C. By what amount is consulting overhead over-or underapplied in May? Consulting overhead was by $ in May

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