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(TIMING - question should take you 4 - 6 minutes which practicing, 2 - 4...

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Accounting

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(TIMING - question should take you 4 - 6 minutes which practicing, 2 - 4 minutes just before an exam) Hill Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client's consultation is treated as a separate job. Overhead is applied to each job based on the number of decorator hours incurred. List below are data for the current year: Estimated overhead $420,000 Actual overhead $430,500 Estimated decorator hours 40,000 Actual decorator hours 41,500 Instructions (a) Compute the predetermined overhead rate: $ per decorator hour. b) What is the total applied overhead charged in the year? $ (c) Determine whether the overhead was under or over applied and by how much. By how much? $

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