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Moody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated 100,000 production Fixed manufacturing overhead cost $650,000 Variable manufacturing overhead cost per machine$ 3.00 hour Required: 1. Compute the predetermined overhead rate. (Round your answer to 2 decimal places.) 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials requisitioned $450 Direct labor cost $210 Machine-hours used 40 Compute the total manufacturing cost assigned to Job 400. (Round your intermediate calculations to 2 decimal places.) 3-a. During the year the company worked a total of 146,000 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,350,000. What is the amount of underapplied or overapplied overhead for the year? (Round your intermediate calculations to 2 decimal places.) 3b. If this amount were closed out entirely to Cost of Goods Sold, would net operating income increase or decrease? Increase rev: 09_17_2014_QC_54011 Explanation: 1. The estimated total manufacturing overhead cost is computed as follows: Y = $650,000 + ($3.00 per MH)(100,000 MHs) Estimated fixed manufacturing $ 650,000 overhead Estimated variable manufacturing overhead $3.00 per MH 100,000 MHs 300,000 Estimated total manufacturing overhead cost $ 950,000 The predetermined overhead rate is computed as follows: Estimated total manufacturing overhead $950,000 Estimated total machine-hours (MHs) 100,000 MHs = Predetermined overhead rate $ 9.50 per MH 2. Total manufacturing cost assigned to Job 400: Direct materials Direct labor Manufacturi ng overhead applied ($9.50 per MH 40 MHs) Total manufacturin g cost 3-a. $ 450 210 380 $ 1,040 Computing underapplied/overapplied overhead: Actual manufacturing overhead (a) Actual machine-hours Predetermined overhead rate = Manufacturing overhead applied (b) $ 1,350,000 146,000 $ 9.50 1,387,000 Overapplied overhead (a) - (b) $ (37,000) Manufacturing overhead overapplied $ 37,000 3-b. The closing entry would decrease cost of goods sold by $37,000 and increase net operating income by $37,000