The predetermined overhead allocation rate for Forsythe, Inc.is based on estimated direct labor costs of $400,000 and estimated factory overhead of $500,000.Actual costs incurred were:
A.Calculate the predetermined overhead rate and calculate the overhead applied during the year.
B.Determine the amount of over- or underapplied overhead and prepare the journal entry to eliminate the over- or underapplied overhead assuming that it is not material in amount.
Definitions:
Expense Ratio
A measure reflecting the annual cost of investing in a mutual fund or ETF, expressed as a percentage of assets under management.
12b-1 Fee
A fee charged by some mutual funds to cover promotion, distribution, and marketing expenses.
Bank CD
A Certificate of Deposit, a savings certificate with a fixed maturity date and specified fixed interest rate, offered by banks.
Expense Ratio
The annual fee expressed as a percentage of assets under management that investors pay for mutual fund or ETF operations and administration.
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