3. Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual labour-hours were 216,000 and 185,000 respectively, and the predetermined overhead rate
3. Lakeshore Company allocates overhead using direct labour-hours. For 2020, the estimated and actual labour-hours were 216,000 and 185,000 respectively, and the predetermined overhead rate used to apply overhead for the year was $26.10 per direct labour-hour. The manufacturing overhead control T-account showed a credit balance of $202,450 at the end of the year, and this balance was disposed of at the end of the year by closing it to cost of goods sold. 1. Was manufacturing overhead under- or overapplied? 2. Compute the actual overhead amount incurred over the year. 3. How will end-of-period disposal of this amount impact net income? a)Increase b)Decrease
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