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Calgary Injection Moulding operates a job-order costing system and applies overhead cost to jobs on...

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Accounting

Calgary Injection Moulding operates a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. In computing an overhead rate for the year, the companys estimates were as follows: manufacturing overhead cost, $248,000, and machine-hours, 40,000. The company has provided the data in the following table:

Beginning Ending
Raw Materials $ 21,000 $ 16,000
Work in Process $ 44,000 $ 40,000
Finished Goods $ 68,000 $ 60,000

The following actual costs were incurred during the year:

Purchase of raw materials (all direct) $ 133,000
Direct labour $ 80,000
Machine-hours 42,000
Manufacturing overhead costs: $ 264,000

Required:

1-a. Compute the predetermined overhead rate for the year. (Round your answer to 2 decimal places.)

1-b(i) Compute the amount of underapplied or overapplied overhead for the year.

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