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Estimated annual factory overhead is $480,000. Overhead is applied using direct labor hours. Budgeted annual...

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Accounting

Estimated annual factory overhead is $480,000. Overhead is applied using direct labor hours. Budgeted annual direct labor hours are 200,000. Actual data for May includes factory overhead that equaled $42,000 and direct labor hours were 17,000. a. Calculate the amount of overhead applied for May.

b. Calculate the amount of overhead under or over applied for May. Clearly indicate if overhead is under or over applied.

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