Hilltop Manufacturing uses a predetermined manufacturing overhead rate based on machine hours to allocate manufacturing overhead to jobs. Selected data about the​ company's operations​ follows:   Actual manufacturing overhead cost ​$500,000 Estimated manufacturing overhead cost ​$550,000 Estimated direct labor cost ​$175,800 Estimated direct labor hours ​ 50,500 Actual direct labor hours ​ 60,700 Estimated machine hours ​ 40,600 Actual machine hours ​ 35,800   By how much was manufacturing overhead overallocated or underallocated for the​ year? (Round intermediary calculations to the nearest​ cent.)

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Q: Manufacturing overhead:                                     Estimated for the year…

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A: Formula: Predetermined overhead rate = Estimated factory overhead / Estimated Direct labor hours…

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A:

Q: Muscat Factory applies, manufacturing overhead based on machine hours. Information concerning…

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Q: The following Information relates to a company that has two manufacturing departments. The company…

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Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.