Mountain Peaks applies overhead on the basis of machine hours and reports the following information:BudgetActualOverhead$450,000$441,000Machine hours50,00048,000Direct materials$210,000Direct labor$350,000A. What is the predetermined overhead rate?$4per machine hourB. How much overhead was applied during the year?$4machine hoursC. Was overhead over- or underapplied, and by what amount?D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank.

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Description: Mountain Peaks applies overhead on the basis of machine hours and reports the following information:BudgetActualOverhead$450,000$441,000Machine hours50,00048,000Direct materials$210,000Direct labor$350,000A. What is the predetermined overhead rate?$

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Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $450,000 $441,000 Machine hours 50,000 48,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank.

Mountain Peaks applies overhead on the basis of machine hours and reports the following information: Budget Actual Overhead $450,000 $441,000 Machine hours 50,000 48,000 Direct materials $210,000 Direct labor $350,000 A. What is the predetermined overhead rate? per machine hour B. How much overhead was applied during the year? machine hours C. Was overhead over- or underapplied, and by what amount? D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank.

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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