The Kincaid Company uses a predetermined overhead rate to apply manufacturing overhead to production. The...
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Accounting
The Kincaid Company uses a predetermined overhead rate to apply manufacturing overhead to production. The rate is based on direct labor hours. Estimates for the year just ended are as follows:
Estimated Manufacturing Overhead $240,000
Estimated Direct Labor Hours 40,000
At the end of the year, Kincaid Company records revealed the following information:
Raw Materials Inventory $35,000
Work-In-Process Inventory 60,000
Finished Goods inventory 105,000
Cost of Goods Sold 400,000
Manufacturing Overhead costs incurred 210,000
Actual Direct Labor Hours 39,000
Required:
a. Calculate the predetermined overhead rate for the year.
b. Determine the amount of overhead applied during the year.
c. Determine the amount of underapplied/overapplied manufacturing overhead for the year.
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