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Accounting

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Parker Corporation has a job-order costing system and uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs At the beginning of the year, manufacturing overhead and direct labor-hours for the year were estimated at $34.000 and 13,600 hours, respectively At the end of the year it was determined that the company worked 17,000 direct labor-hours for the year and incurred $37,000 in actual manufacturing overhead costs The manufacturing overhead for the year was $5,500 overapplied $5,500 underapplied $8,500 overapplied 8500 underapplied

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