O'Brien Corporation Applies Overhead at the Rate of 70 Percent

question 64

Essay

O'Brien Corporation applies overhead at the rate of 70 percent of direct labor.O'Brien incurred $450,000 of direct labor during the current year.O'Brien incurred actual overhead of $367,000.
(a)Compute the amount of under- or overapplied overhead for O'Brien Corporation for the current year
(b)Prepare the necessary journal entry to dispose of the under- or overapplied overhead (assuming that the amount is immaterial).

---

Definitions:

Gene of Interest

A specific gene that researchers focus on for its potential role in disease or other important biological processes.

Functional Genomics

The study of the relationship between genes and their function, especially in the context of pathways and systems.

Genomic Sequence

A sequence of nucleotides in DNA or RNA that represents the genetic information of an organism.

Genes

Segments of DNA located on chromosomes that contain the instructions for the development, functioning, and reproduction of organisms.