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EXERCISE 3-12 Computing Predetermined Overhead Rates and Job Costs [101, L02, L03, L07] Kody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 1. Compute the predetermined overhead rate. 2 ***PR Direct materials requisitioned. Direct labor cost. Machine-hours used. MFERCY*** During the year Job 500 was started and completed. The following information was available with respect to this job: 150,000 $750,000 $4.00 $350 $230 30 Compute the total manufacturing cost assigned to Job 500. 3. During the year the company worked a total of 147,000 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,325,000. What is the amount of underapplied or overapplied overhead for the year? If this amount were closed out entirely to Cost of Goods Sold, would the journal entry increase or decrease net operating income?

Kay Corporation uses a job-onder costing system with a plantwide owerbead rate based on ac-houns. At the beginning of the year, the company made the following estimates: Mchine-hours required to support estimated production 150,000 Fived manufacturing overhead cost . $750.000 Variable manutacturing overhead cost per machine-hour $4.00 Rinow: 1. Corspute the predetermined overhead rate. 2. During the year Job 500 was started and completed. The following information was available with respect to this job: Compute the total manufacturing cost assigned to Job 500 . 1. During the year the company worked a total of 147,000 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,325,000. What is the amount of underapplied or cocrapplied overhead for the year? If this amount were closed out entirely to Cost of Goods Sold, sould the joumal entry increase or decrease net operating income