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Smith Jones Company utilizes a predetermined overhead rate of 75% of direct labor cost. This predetermined rate was based on the $60,000 estimated direct labor cost and $45,000 of estimated total manufacturing overhead. The company incurred actual total manufacturing costs of $52,000 and $71,000 of direct labor cost throughout the period.

Determine the amount of over applied or under applied manufacturing overhead? Show calculations. 

Accounting Basics, Accounting

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