Randall Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. Factory overhead cost was applied at 120% of direct labor cost. Selected data concerning the past year's operation of the company are presented below.     January 1 December 31   Direct materials $ 82,000 $ 45,000     Work in process   71,000   47,000     Finished goods   120,000   105,000     Other information             Direct materials purchases     $ 329,000     Cost of goods available for sale       939,000     Actual factory overhead costs       265,000       The amount of underapplied or overapplied overhead is:

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Randall Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. Factory overhead cost was applied at 120% of direct labor cost. Selected data concerning the past year's operation of the company are presented below.

 

  January 1 December 31
  Direct materials $ 82,000 $ 45,000  
  Work in process   71,000   47,000  
  Finished goods   120,000   105,000  
  Other information          
  Direct materials purchases     $ 329,000  
  Cost of goods available for sale       939,000  
  Actual factory overhead costs       265,000  
 

 

The amount of underapplied or overapplied overhead is:

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