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Accounting

Bonnie's Corporation applies overhead at the rate of 70% of direct labor. It incurred $450,000 of direct labor during the current year. Miller incurred actual overhead of $367,000.

(a.) Compute the amount of over- or underapplied overhead for Bonnie's Corp. for the current year

(b.) Prepare the necessary journal entry to dispose of the under- or overapplied overhead (assuming that the amount is immaterial).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9973729

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