Calculating the Predetermined Overhead Rate, Applying Overhead to Production, Reconciling Overhead at the End of the...

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Calculating the Predetermined Overhead Rate, Applying Overhead to Production, Reconciling Overhead at the End of the Year, Adjusting Cost of Goods Sold for Under- and Overapplied Overhead At the beginning of the year, Tseng Company estimated the following: Overhead Direct labor hours $834,000 60,000 Tseng uses normal costing and applies overhead on the basis of direct labor hours. For the month of January, direct labor hours were 5,150. By the end of the year, Tseng showed the following actual amounts: Overhead Direct labor hours $805,000 58,000 Assume that unadjusted Cost of Goods Sold for Tseng was $2,840,000. Required: 1. Calculate the predetermined overhead rate for Tseng. Round your answer to the nearest cent. per direct labor hour 2. Calculate the overhead applied to production in January. (Note: Round to the nearest dollar.) 3. Calculate the total applied overhead for the year. Was overhead over- or underapplied? By how much? overhead $ 4. Calculate adjusted Cost of Goods Sold after adjusting for the overhead variance. Calculating the Predetermined Overhead Rate, Applying Overhead to Production, Reconciling Overhead at the End of the Year, Adjusting Cost of Goods Sold for Under- and Overapplied Overhead At the beginning of the year, Tseng Company estimated the following: Overhead Direct labor hours $834,000 60,000 Tseng uses normal costing and applies overhead on the basis of direct labor hours. For the month of January, direct labor hours were 5,150. By the end of the year, Tseng showed the following actual amounts: Overhead Direct labor hours $805,000 58,000 Assume that unadjusted Cost of Goods Sold for Tseng was $2,840,000. Required: 1. Calculate the predetermined overhead rate for Tseng. Round your answer to the nearest cent. per direct labor hour 2. Calculate the overhead applied to production in January. (Note: Round to the nearest dollar.) 3. Calculate the total applied overhead for the year. Was overhead over- or underapplied? By how much? overhead $ 4. Calculate adjusted Cost of Goods Sold after adjusting for the overhead variance.