The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21,600 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year.

Instructions are listed below.

Explanation:

Giving the following information:

The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21,600 machine-hours were used during the year.

We don't have enough information to calculate the over/under applied overhead and a schedule cost of goods manufactured. But, I can provide with the formulas to calculate 1 and 2:

1) Based on the predetermined overhead rate and the actual machine-hours for the period you can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

With the allocated overhead you can calculate the over/under allocation:

Over/under allocation= real MOH - allocated MOH

If real MOH < allocated MOH= Overhead was overallocated.

2) cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

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