Allocating manufacturing overhead
The manufacturing records for Krazy Kayaks at the end of the 2012 fiscal year show the following information about manufacturing overhead:
| Overhead allocated to production . | $ 405,900 |
| Actual manufacturing overhead costs | $ 428,000 |
| Overhead allocation rate for the year | $ 41 per machine hour |
Requirements
1. How many machine hours did Krazy Kayaks use in 2012?
2. Was manufacturing overhead over- or underallocated for the year and by how much?
3. Prepare the journal entry to close out the over- or underallocated overhead.
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