Exercise 5.24 Ivanhoe Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Ivanhoe estimated that the total overhead costs would be $75,520 and that the total labour hours would be 2,360. At the end of the year, Ivanhoe obtained the actual overhead costs from the ledger and found that the shop had incurred $69,390 and had worked 2,313 labour hours. Your answer is correct. Compute the predetermined (budgeted) overhead rate. Overhead Rate $ 32 SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT SHOW ANSWER Your answer is partially correct. Try again. Compute the overhead amount that was applied for the year. Was overhead underapplied or overapplied? Overhead Amount $ 4626 Overapplied SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT LINK TO TEXT LINK TO TEXT and Screen Shot 2020-0...58.08 PM Screen Shot 2020-0...22.14 AM WileyPLUS edugen.wiley List Of Accounts Your answer is partially correct. Try again. Prepare the journal entry to close the overhead account. Assume that the underapplied and overapplied overhead was not material. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry Required" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Cost of Goods Sold Overhead Cost Control Debit 4626 Credit 4626 Exercise 5.24 Accumulated Depreciation - Machine Cash Cost of Goods Sold Cost of Services Direct Material Inventory Finished Goods Inventory Loss from Abnormal Spoilage Manufacturing Overhead Materials Control Miscellaneous Accounts No Entry Required Overhead Cost Control Raw Materials Inventory Service Overhead Wages Payable Work-in-Process Inventory