Question: Please solve for the incorrect answers! Exercise 5.24 Buffalo Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours.
Please solve for the incorrect answers!

Exercise 5.24 Buffalo Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Buffalo estimated that the total overhead costs would be $77,700 and that the total labour hours would be 2,590. At the end of the year, Buffalo obtained the actual overhead costs from the ledger and found that the shop had incurred $71,204 and had worked 2,543 labour hours. Your answer is correct. Compute the predetermined (budgeted) overhead rate. Overhead Rate 30 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is correct. Compute the overhead amount that was applied for the year. Was overhead underapplied or overapplied? Overhead Amounts 5086 Overapplied SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT 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 o for the amounts.) Account Titles and Explanation Debit Credit Manufacturing Overhea Cost of Goods Sold 5086
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