Concord, a coffee-mug producer, generally conducts over half of its business in the last month of the calendar year due to holiday sales. By the end of December, its fiscal year-end, Concord had accumulated Cost of Goods Sold in the amount of $251,000. Concord's business model is to maintain minimal WIP Inventory and FG Inventory, so these two accounts had balances of just $16,000 and $21,000, respectively, on December 31. Concord does hold a fair amount of RM Inventory, however, so it will be able to quickly fulfill its orders. As a result, its December 31 RM Inventory (all direct materials) is $86,000. Concord utilizes a normal costing system, in its effort to have timely applied MOH information for each custom job, and its budgeted MOH rate is $2.26/direct labor hour. Budgeted MOH at the beginning of the year was $156,000; actual MOH costs incurred by the end of the year were $158,000. Actual direct labor hours used were 67,000. (a) Your answer is partially correct. Was Concord's MOH cost for the year under- or overapplied? By how much? MOH cost was underapplied e Textbook and Media Save for Later by $ Attempts: 1 of 5 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit Answer​
