A company uses a job order cost system and applies manufacturing overhead costs to jobs using...
A company uses a job order cost system and applies manufacturing overhead costs to jobs using a predetermined overhead rate based on direct labour-hours.
The following data were extracted from the company's accounting records for the previous year:
Manufacturing overhead: estimated: $50,000 actual: $55,000
Direct labour hours: estimated: #20,000 hrs actual: #24,000 hrs
A job completed during the year incurred the following costs:
Direct Materials $4,000
Direct labour $1,500 (at $5 per DLH)
What was the under applied or over applied overhead
for the year?
Homework Answers
Overhead rate = Estimated overhead/Estimated labor hour
= 50000/20000
Overhead rate = $2.5 per labor hour
Overhead applied = 24000*2.5 = $60000
Actual overhead = $55000
Over applied overhead = 60000-55000 = $5000
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