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The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours. If the Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date) the overhead is over/under applied by?

a. $500,000 under

b. $1,000,000 under

c. $500,000 over

d. $1,000,000 over

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9450226

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