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(9 points - 3 each) Oetiz Company applies manufacturing overhead to jobs on the basis...

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Accounting

(9 points - 3 each) Oetiz Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $408,000 for the year, and machine usage is estimated at 120,000 hours. For the year, $431,000 of overhead costs are incurred and 125,000 hours are used. Instructions

(a)

Compute the manufacturing overhead rate for the year.

(b)

What is the amount of under - or overapplied overhead at December 31?

(c) Prepare the journal entry to assign the amount of under - or overapplied overhead to cost of goods sold.

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