10 May DOES THE BALANCE IN PART (C) REPRESENT OVER- OR UNDERAPPLIED FACTORY OVERHEAD?
The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning May 1 would be $3 000 000 and total direct labor costs would be $2 400 000. During May the actual direct labor cost totaled $198 400 and factory overhead cost incurred totaled $253 200.Required:a.What is the predetermined factory overhead rate based on direct labor cost?b.Journalize the entry to apply factory overhead to production for May 31. Refer to the Chart of Accounts for exact wording of account titles.c.What is the May 31 balance of the account Factory Overhead-Blending Department?d.Does the balance in part (c) represent over- or underapplied factory overhead?
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