09 May IS MANUFACTURING OVERHEAD UNDERALLOCATED OR OVERALLOCATED AT THE END OF THE YEAR?
JOB-ORDER COSTINGAlba Foundry in Boston uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on themachine hours required. At the beginning of the? year the company expected to incur the? followingManufacturing overhead costs . . . . . . . .$620 000Direct labor cost . . . . . . . . . . . . . . . . . . . .$1 450 000Machine hours . . . . . . . . . . . . . . . . . . . . .77 500At the end of the? year the company had actually incurred the? following:Direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . .$1 250 000Depreciation on manufacturing plant andequipment . . . . . . . . . . . . . . . . . . . . . . . .$475 000Property taxes on plant . . . . . . . . . . . . . . . . . . . . . .$21 000Sales salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$23 000Delivery drivers’ wages . . . . . . . . . . . . . . . . . . . . . .$14 500Plant janitors’ wages . . . . . . . . . . . . . . . . . . . . . . . .$9 500Machine hours . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 000 hoursRequirements1.Compute the predetermined manufacturing overhead rate.2.How much manufacturing overhead was allocated to jobs during the? year?3How much manufacturing overhead was incurred during the? year?Is manufacturing overhead underallocated or overallocated at the end of the year? By how? much?4.Were the jobs overcosted or? undercosted? By how? much?
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