3. Seeb Boats uses direct labor hours to calculate the predetermined overhead rate for the year. The company provided the following data for the year: Manufacturing overhead Actual $480,000 Direct labor hours 51,000 Machine hours 100,000 Estimated $520,000 52,000 108,000 Calculate the amount of overapplied or underapplied overhead for the year and indicate whether it is overapplied or underapplied.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 4MC: When direct labor hours for Job 101 are 30 and the predetermined factory overhead rate is 5/direct...
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3. Seeb Boats uses direct labor hours to calculate the predetermined overhead rate for the year.
The company provided the following data for the year:
Manufacturing overhead
Actual
$480,000
Direct labor hours
51,000
Machine hours
100,000
Estimated
$520,000
52,000
108,000
Calculate the amount of overapplied or underapplied overhead for the year and indicate
whether it is overapplied or underapplied.
Transcribed Image Text:3. Seeb Boats uses direct labor hours to calculate the predetermined overhead rate for the year. The company provided the following data for the year: Manufacturing overhead Actual $480,000 Direct labor hours 51,000 Machine hours 100,000 Estimated $520,000 52,000 108,000 Calculate the amount of overapplied or underapplied overhead for the year and indicate whether it is overapplied or underapplied.
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