Fossil Manufacturing uses a predetermined overhead rate of $18.20 per direct labor-hour. This predetermined rate was based on 11.400 estimated direct-labor-hours and $207,480 of estimated total manufacturing overhead. The company incurred actual manufacturing overhead costs of $206,000 and 10,900 direct labor-hours. Required: a. Determine the amount of underapplied or overapplied manufacturing overhead for the period. b. Assuming that the company closed manufacturing overhead to cost of goods sold, make the journal entry to close manufacturing overhead. c. What is the effect of this entry on the company's gross margin? Complete this question by entering your answers in the table below. Required A Required B Required C -termine the amount of underapplied or overapplied manufacturing overhead for the period. facturing overhead for the period is < Required A by Required B >

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.