Question - Ralston Gifts applies overhead on the basis of machine hours. The following data were provided by Ralston:
Estimated annual overhead cost: $516,600
Actual annual overhead cost: $537,500
Estimated machine hours: 126,000
Actual machine hours: 125,000
How much overhead was applied?
Book: Management Accounting, Edition: Sixth and Authors: Jerry J. Weygandt, Paul D Kimmell and Donald E Kieso.