C) The following information was gathered for Elliott Company:
Budgeted direct-labor hours 75,000
Actual direct-labor hours 77,500
Budgeted factory overhead $562,500
Actual factory overhead $538,000
Assume that direct-labor hours is the cost driver.
Requierd:
1. Budgeted factory-overhead rate
2. Factory overhead applied
3. Amount of over/underapplied overhead