Renteria Company applies manufacturing overhead to jobs on the basis of machine

Question

Renteria Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $306,300 for the year, and machine usage is estimated at 125,200 hours.
For the year, $327,350 of overhead costs are incurred and 131,400 hours are used.





Incorrect.

Compute the manufacturing overhead rate for the year. (Round answer to 3 decimal places, e.g. 2.250.)
$







Incorrect.

What is the amount of under- or overapplied overhead at December 31? (Round answer to 0 decimal places, e.g. 12,500.)
$ Underapplied







Incorrect.

Assuming the under- or overapplied overhead for the year is not allocated to inventory accounts, prepare the adjusting entry to assign the amount to cost of goods sold.
Account/Description Debit Credit
Cost of goods sold
Manufacturing overhead

Explanation / Answer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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