A.calculate the number of hours of direct labor used in, Ask an Expert

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Manufacturing Overhead- over/underapplied LampArt Co. makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During November, the first month of the company's fiscal year, $173,250 of manufacturing overhead was applied to Work in Progress Inventory using the predetermined overhead application rate of $15 per direct labor hour.

Required:

a. Calculate the number of hours of direct labor used in November.

b. Actual Manufacturing overhead costs incurred during November totaled $166,425. Calculate the amount of over or underapplied overhead for November.

c. Identify two possible explanations for the over or underappleid overhead.

d. Explain the accounting appropriate for the over or underapplied overhead at the end of November.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9447854

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