k t ces Osborn Manufacturing uses a predetermined overhead rate of $18.30 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $221,430 of total manufacturing overhead for an estimated activity level of 12,100 direct labor-hours. The company actually incurred $217,000 of manufacturing overhead and 11,600 direct labor-hours during the period. Required: 1. Calculate the underapplied or overapplied manufacturing overhead. 2. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the closing journal entry increase or decrease gross margin? By how much? 1. Manufacturing overhead. 2. The gross margin would. by by

k t ces Osborn Manufacturing uses a predetermined overhead rate of $18.30 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $221,430 of total manufacturing overhead for an estimated activity level of 12,100 direct labor-hours. The company actually incurred $217,000 of manufacturing overhead and 11,600 direct labor-hours during the period. Required: 1. Calculate the underapplied or overapplied manufacturing overhead. 2. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the closing journal entry increase or decrease gross margin? By how much? 1. Manufacturing overhead. 2. The gross margin would. by by

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Description: 7 tncesOsborn Manufacturing uses a predetermined overhead rate of $18.30 per direct labor-hour. This predetermined rate wasbased on a cost formula that estimates $221,430 of total manufacturing overhead for an estimated activity level of 12,100direct

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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