Business, 16.06.2020 19:57 raulhill98

Smith Foundry in Columbus comma Ohio, uses a predetermined manufacturing overhead rate to allocate overhead to individual jobs based on the machine hours required. At the beginning of the year, the company expected to incur the following: Manufacturing overhead costs $630,000
Direct labor cost 1650,000
Machine hours 90,000

Direct labor cost $1230,000
Depreciation on manufacturing plant and equipment 480,000
Property taxes on plant 19,500
Sales salaries 26,500
Delivery drivers' wages 17,000
Plant janitors' wages 8500
Machine hours 56,500 hours

Requirements:
1. Compute Smith's predetermined manufacturing overhead rate.
2. How much manufacturing overhead was allocated to jobs during the year?
3. How 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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