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The manufacturing records for Krazy Kayaks at the end of the 2012 fiscal year show the following information about manufacturing overhead: Overhead allocated to production . . . . . . . . . . . . . . .

The manufacturing records for Krazy Kayaks at the end of the 2012 fiscal year show the following information about manufacturing overhead:
Overhead allocated to production . . . . . . . . . . . . . . . . . . $ 405,900
Actual manufacturing overhead costs . . . . . . . . . . . . . . . $ 428,000
Overhead allocation rate for the year . . . . . . $ 41 per machine hour
Requirements
1. How many machine hours did Krazy Kayaks use in 2012?
2. Was manufacturing overhead over- or under-allocated for the year and by how much?
3. Prepare the journal entry to close out the over- or under-allocated overhead.

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Req 1 Krazy Kayaks used 9 900 machine hours in 2012 X Actual number of machine hours 41 X 405 …View the full answer


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Financial and Managerial Accounting

Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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Question Details
Chapter # 17
Section: Short Exercises
Problem: 21
Posted Date: December 16, 2011 05:11:45
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