Oddley Corp

question 151

Essay

Oddley Corp. uses a job order costing system. The following is selected information pertaining to costs applied to jobs during the year:
Oddley Corp.'s predetermined overhead rate is 60% of direct labor cost. At the end of the year, the company's records show that $189,000 of factory overhead has been incurred.
(a) Determine the amount of overapplied or underapplied overhead.
(b) Prepare the necessary journal entry to close the Factory Overhead account assuming that any remaining balance is not material.

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Definitions:

Autonomous Motivation

Refers to engaging in activities for their inherent satisfaction or personal reward, rather than external pressures or demands.

Basic Psychological Needs

Fundamental requirements for mental well-being, including autonomy, competence, and relatedness.

Self-Determination Theory

A psychological theory that explains human motivation in terms of our innate needs for competence, autonomy, and relatedness.

Self-Actualization Needs

The highest level in Maslow's hierarchy of needs, representing the realization of one's potential, self-fulfillment, seeking personal growth, and peak experiences.