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Predetermined Overhead Rate, Applied Overhead, Unit Cost Ripley, Inc., costs products using a normal costing system....

  1. Predetermined Overhead Rate, Applied Overhead, Unit Cost

    Ripley, Inc., costs products using a normal costing system. The following data are available for last year:

    Budgeted:
          Overhead      $343,000
          Machine hours      88,000
          Direct labor hours      9,800
    Actual:
          Overhead      $342,200
          Machine hours      85,800
          Direct labor hours       9,580
          Prime cost      $1,464,700
          Number of units      180,000

    Overhead is applied on the basis of direct labor hours.

    Required:

    1. What was the predetermined overhead rate?
    $fill in the blank 1 per direct labor hour

    2. What was the applied overhead for last year?
    $fill in the blank 2

    3. Was overhead over- or underapplied, and by how much?
      = $fill in the blank 4

    4. What was the total cost per unit produced? (Carry your answer to four significant digits.)
    $fill in the blank 5 per unit

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