1. Consider the following selected cost data for the Pittsburgh Forging Company for 2018. Budgeted manufacturing overhead costs $7,500,000

Budgeted machine-hours 250,000

Actual manufacturing overhead costs $7,300,000

Actual machine-hours 245,000

The company uses normal costing. Its job-costing system has a single manufacturing overhead cost pool. Costs are allocated to jobs using a budgeted machine-hour rate.

1. Compute the budgeted manufacturing overhead rate. (1pt)

2. Compute the amount of under- or overallocation of manufacturing overhead. Prepare a journal entry to dispose of this amount. (1pt)

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