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Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: $430,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 2. Calculate the overapplied or underapplied overhead for the year, Note: Round your intermediate calculations to 2 decimal places. $ 233,000 22,000 80,000 200,000 58,000 31,000 302,000 80,000 49,000 94,000 63,000

Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: $430,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 2. Calculate the overapplied or underapplied overhead for the year, Note: Round your intermediate calculations to 2 decimal places. $ 233,000 22,000 80,000 200,000 58,000 31,000 302,000 80,000 49,000 94,000 63,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: $430,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 2. Calculate the overapplied or underapplied overhead for the year. Note: Round your intermediate calculations to 2 decimal places. $ 233,000 22,000 80,000 200,000 58,000 31,000 302,000 80,000 49,000 94,000 63,000
Transcribed Image Text:Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour Actual direct-labor cost: 80,000 hours at $17.50 per hour Budgeted manufacturing overhead: $997,500 Actual selling and administrative expenses: $430,000 Actual manufacturing overhead: Depreciation Property taxes Indirect labor Supervisory salaries Utilities Insurance Rental of space Indirect material (see data below) Indirect material: Beginning inventory, January 1 Purchases during the year Ending inventory, December 31 2. Calculate the overapplied or underapplied overhead for the year. Note: Round your intermediate calculations to 2 decimal places. $ 233,000 22,000 80,000 200,000 58,000 31,000 302,000 80,000 49,000 94,000 63,000
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