Question: Please answer and explain QuickFix Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours.

Please answer and explain

QuickFix Corp. uses a job order costing system with manufacturing overhead applied to products on the basis of direct labor hours. For the upcoming year, Cadburn Corp. estimated total manufacturing overhead cost at $270,000 QuickFix total direct labor hours of 45,000. During the year actual manufacturing overhead incurred was $262,500 and 51,000 direct labor hours were used. 1. Calculate the predetermined overhead rate. 2. Calculate how much manufacturing overhead will be applied to production. 3. Is overhead over- or underapplied? By how much? 4. What account should be adjusted for over- or underapplied overhead? Should the balance be increased or decreased

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