selected cost data for antique print co are as follows 282592

Selected cost data for Antique Print, Co., are as follows:

Estimated manufacturing overhead cost for the year . . . . . $ 115,000

Estimated direct labor cost for the year . . . . . . . . . . . . . . . . . . 71,875

Actual manufacturing overhead cost for the year . . . . . . . . . 119,000

Actual direct labor cost for the year . . . . . . . . . . . . . . . . . . . . . 73,000

Requirements

1. Compute the predetermined manufacturing overhead rate per direct labor dollar.

2. Prepare the journal entry to allocate overhead cost for the year.

3. Use a T account to determine the amount of under allocated or over allocated manufacturing overhead.

4. Prepare the journal entry to close the balance of the Manufacturing overhead account.