Tiscara Company manufactures insulation and applies manufacturing overhead costs to production at a budgeted indirect-cost...
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Accounting
Tiscara Company manufactures insulation and applies manufacturing overhead costs to production at a budgeted indirect-cost rate of $15 per direct labor-hour. The following data are obtained from the accounting records for June 2014:
Direct materials $440,000
Direct labor (3,500 hours @ $11/hour) 38,500
Indirect labor 15,000
Plant facility rent 50,000
Depreciation on plant machinery and equipment 35,000
Sales commissions 10,000
Administrative expenses 25,000
REQUIRED:
a) How much Manufacturing Overhead was applied during the year?
b) How much ACTUAL Manufacturing Overhead was there?
c) So was Manufacturing Overhead over/under applied for the year and by how much?
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