During the first quarter of 2022, Ivanhoe Company reports the following: 1. Estimated overhead $220,740 2. Actual
Question:
During the first quarter of 2022, Ivanhoe Company reports the following:
1. | Estimated overhead $220,740 | ||
2. | Actual overhead $220,680 | ||
3. | Estimated labour costs $169,800 | ||
4. | Actual labour costs $172,900 |
The company allocates its overhead on the basis of direct labour cost.
Calculate the predetermined overhead rate. (Round answer to the nearest whole percentage, e.g. 152%.)
Predetermined overhead rate | enter the predetermined overhead rate in percentages rounded to the nearest whole % |
Calculate the over-applied or under-applied manufacturing overhead.
Actual manufacturing overhead | $enter a dollar amount | ||
Applied manufacturing overhead | $enter a dollar amount | ||
Manufacturing overhead | $enter a dollar amount | select an option Over-applied Under-applied |
Prepare the adjusting entry to close the under-applied or over-applied overhead. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
---|---|---|
enter a dollar amount | enter a debit amount | enter a credit amount |
enter a dollar amount | enter a debit amount |
Entrepreneurial Finance
ISBN: 978-1305968356
6th edition
Authors: J. Chris Leach, Ronald W. Melicher