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Question
Thomlin Company forecasts that total factory overhead for the current year will be $15,000,000 with 300,000 total machine hours. Year to date, the actual overhead is $16,000,000, and the actual machine hours are 330,000 hours. If Thomlin Company uses a predetermined factory overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is
a. $1,000,000 overapplied
b. $1,000,000 underapplied
c. $500,000 overapplied
d. $500,000 underapplied
Answer
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