Union Company Applies Overhead Based Upon Machine Hours Required:
A

question 101

Essay

Union Company applies overhead based upon machine hours. Budgeted factory overhead was $266,400 and budgeted machine hours were 18,500. Actual factory overhead was $287,920 and actual machine hours were 19,050. Before disposition of under/overapplied overhead, the cost of goods sold was $560,000 and ending inventories were as follows: $$\begin{array} { l l } \text { Direct materials } & \$ 60,000 \\\text { WIP } & 190,000 \\\text { Finished goods } & 250,000 \\\text { Total } & \$ 500,000\end{array}$$ Required:
a. Determine the budgeted factory- overhead rate per machine hour.
b. Compute the overapplied or underapplied overhead.
c. Assuming the variance is immaterial, give the journal entry to dispose of the variance.
d. Assuming the variance is material, give the journal entry to dispose of the variance using proration.

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Definitions:

Trade Deficit

A situation where a country's imports exceed its exports, leading to more money leaving the country than entering it.

Interest Rates

The cost of borrowing money or the return on investment for savings and loans, expressed as a percentage.

Government Outlays

The total expenditures made by the government, including spending on goods and services, transfer payments, and interest on debt.

Government Revenues

The income received by the government from taxes and non-tax sources used to fund public services and expenditures.