Jamison Woodworking uses normal costing and allocates manufacturing ov.docx

Jamison Woodworking uses normal costing and allocates manufacturing overhead to jobs based on a budgeted labor-hour rate and actual direct labor-hours. Under-or overallocated overhead, if immaterial, is written off to Cost of Goods Sold. During 2020, Jamison recorded the following: Requirements 1. Compute the budgeted manufacturing overhead rate. 2. Prepare the summary journal entry to record the allocation of manufacturing overhead. 3. Compute the amount of under- or overallocated manufacturing overhead. Is the amount significant enough to warrant proration of overhead costs, or should Jamison Woodworking write it off to cost of goods sold? Prepare the journal entry to dispose of the under- or overallocated overhead. .

Jamison Woodworking uses normal costing and allocates manufacturing overhead to jobs based
on a budgeted labor-hour rate and actual direct labor-hours. Under-or overallocated overhead, if
immaterial, is written off to Cost of Goods Sold. During 2020, Jamison recorded the following:
Requirements 1. Compute the budgeted manufacturing overhead rate. 2. Prepare the summary
journal entry to record the allocation of manufacturing overhead. 3. Compute the amount of
under- or overallocated manufacturing overhead. Is the amount significant enough to warrant
proration of overhead costs, or should Jamison Woodworking write it off to cost of goods sold?
Prepare the journal entry to dispose of the under- or overallocated overhead.

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