Sherrell Inc At the End of the Year,it Was Determined That Overhead

question 10

Essay

Sherrell Inc.runs an IT consulting firm.Sharon Sherrell,the lead partner,insists that the accountants apply overhead using machine hours.The following data are available for the year:
$\begin{array}{lr}\text { Estimated machine hours } & 210000 \\\text { Actual machine hours } & 160000 \\\text { Actual overhead } & \$ 790000\end{array}$

At the end of the year,it was determined that overhead was overapplied by $50 000.
Required:
A. What was the total appled cverhead for the year?
B. What was the predetermined cverhead rate?

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Definitions:

Process Diagram

A process diagram is a visual representation of the steps involved in a process, showing how inputs are transformed into outputs.

Functional Dependencies

A concept in database management where the value of one attribute (column) is determined by the value of another attribute, crucial for normalization processes to eliminate redundancy.

Foreign Keys

Database elements that establish a relationship between tables by referencing the primary key of another table, ensuring data consistency.

KMS Cycle

Knowledge Management System Cycle, which refers to the process of creating, sharing, using, and managing the knowledge and information of an organization.