Hodgkiss Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $304,430 for the year, and machine usage is estimated at 125,160 hours.
For the year, $323,230 of overhead costs are incurred and 128,890 hours are used.
Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, e.g. 10.50.)
What is the amount of under- or overapplied overhead at December 31? (Use the rounded answer from part one to complete this part. Round your final answer to 0 decimal places, e.g. 5,250.)
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
Please give me your A+++ rating i