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Milsaps Company produces sportsmen?s digital scales. In preparing the current budget,

 

Milsaps? controller estimates a total of $278,000 in direct materials cost, $240,000 in direct

 

labor cost, and $360,000 in manufacturing overhead costs. Since much of the production

 

process requires skilled workers to assemble the scales, direct labor cost is used as the

 

overhead application base. At the end of the period, Milsaps reported actual results as

 

follows: direct materials cost of $313,000, direct labor cost of $193,000, and manufacturing

 

overhead cost $284,370.

 


 

(a)

 


 

(a)

 


 

What is Milsaps? predetermined overhead rate for the year?

 


 

Milsaps? predetermined overhead

 

rate

 


 

%

 


 

(b)

 


 

How much manufacturing overhead did Milsaps apply during the year?

 

$

 

Manufacturing

 

overhead

 


 

Don't show me this message again for the assignment

 


 

(c)

 


 

What is the journal entry to close overhead if the amount is considered to be insignificant? (Enter

 

debit entries first followed by credit entries. Credit account titles are automatically

 

indented when the amount is entered. Do not indent manually.)

 

Account and explanation

 


 

Debit

 


 

Credit

 


 

 


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