Question 1
Cost and production data for a manufacturing company for a year were as follows:
Budgeted variable factory overhead $120,000
Budgeted fixed factory overhead $180,000
$300,00
Budgeted production (direct labour hours) 15,000
Actual variable factory overhead $125,300
Actual fixed factory overhead $164,700
$290,000
Actual production (direct labour hours) 15,500
Factory overhead is applied to production using direct labour hours as the cost driver.
Required:
(a)Calculate the factory overhead application rate, and,
(b)Under or over applied overhead.
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