(L. OBJ. 3, 4) Allocating manufacturing overhead [15-20 min] The manufacturing records...

(L. OBJ. 3, 4) Allocating manufacturing overhead [15-20 min]

The manufacturing records for Smooth Canoes at the end of the 2010 fiscal year show the following information about manufacturing overhead:

Requirements

1. How many machine hours did Smooth Canoes use in 2010?

2. Was manufacturing overhead over- or underallocated for the year and by how much?

3. Record the entry to close out the over- or underallocated overhead.