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Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead...

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Question

Accounting

Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $300,000 for the year, and machine usage is estimated at 100,000 hours. For the year, $322,000 of overhead costs are incurred and 110,000 hours are used.
Instruction
Compute the manufacturing overhead rate for the year.
What is the amount of under- or overapplied overhead at December 31?
Prepare the adjusting entry to assign the under- or overapplied overhead for the year to cost of goods sold.

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