Noma Company applies operating overhead to photocopying jobs on the basis of machine hours used....
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Accounting
Noma Company applies operating overhead to photocopying jobs on the basis of machine hours used. It expects overhead costs to total $260,000 for the year and estimates machine usage at 105,000 hours. For the year, the company incurs $265,000 in overhead costs and uses 110,000 hours. Instructions: Calculate the service overhead rate for the year. Calculate the amount of under- or over-applied overhead on December 31. Assuming the under- or over-applied overhead for the year is not allocated to inventory accounts.
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