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Mason Company and Rodd Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Mason CompanyRodd Company Actual manufacturing overhead$145,000$223,700 Actual direct labor hours21,00022,000 Underapplied overhead12,500 Overapplied overhead23,000 Required:a.Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor HourMason CompanyRodd CompanyPredetermined overhead rateb.Using T-accounts, record applied and actual overhead and the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Adjusting Entry for Mason Company:Manufacturing OverheadCost of Goods Soldadj.Adjusting Entry for Rodd Company:Manufacturing OverheadCost of Goods Soldadj.
