Homework Answers
Factory overhead
| Actual overhead | 1,000,000 | Applied overhead | 787,500 |
| Ending balance | 212,500 |
Under applied overhead = $212,500
Direct labor cost = $525,000
Overhead rate = 150% of direct labor cost
Applied overhead = Direct labor cost x Overhead rate
= 525,000 x 150%
= $787,500
Journal
|
Transaction |
Account Title and Explanation |
Debit |
Credit |
| 1 | Cost of goods sold | 212,500 | |
| Manufacturing overhead | 212,500 | ||
| (To close under applied overhead) |
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