Explain the reason for over applying the overhead in a given period.

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Chapter 4, Problem 13Q

To determine

Explain the reason for over applying the overhead in a given period.

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Question 7 of 12 View Policies - / 12.5 === Current Attempt in Progress Pharoah Corporation incurred the following transactions. 1. Purchased raw materials on account $51,920. 2. Raw Materials of $40,320 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,680 was classified as indirect materials. 3. Factory labor costs incurred were $67,120. 4. Time tickets indicated that $60,480 was direct labor and $6,640 was indirect labor. 5. Manufacturing overhead costs incurred on account were $90,160. 6. Depreciation on the company's office building was $9,040. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $98,560 were completed and transferred to finished goods. 9. Finished goods costing $84,000 to manufacture were sold on account for $115,360. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do…

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