Allocating manufacturing overhead
Selected cost data for Antique Print, Co., are as follows:
| Estimated manufacturing overhead cost for the year | $ 115,000 |
| Estimated direct labor cost for the year | 71,875 |
| Actual manufacturing overhead cost for the year | 119,000 |
| Actual direct labor cost for the year | 73,000 |
Requirements
1. Compute the predetermined manufacturing overhead rate per direct labor dollar.
2. Prepare the journal entry to allocate overhead cost for the year.
3. Use a T-account to determine the amount of underallocated or overallocated manufacturing overhead.
4. Prepare the journal entry to close the balance of the Manufacturing overhead account.
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