During 2022, Vaughn Manufacturing expected Job No. 59 to incur $320000 of overhead cost, $570000...
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Accounting
During 2022, Vaughn Manufacturing expected Job No. 59 to incur $320000 of overhead cost, $570000 of direct materials cost, and $100000 in direct labor cost. Vaughn applied overhead based on direct labor cost. Actual production required overhead cost of $280000, $550000 in direct materials used, and $220000 in direct labor. All of the goods were completed. What is the amount of over- or underapplied overhead?
$40000 underapplied
$40000 overapplied
$424000 underapplied
$424000 overapplied
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