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In this video, the adjusted allocation rate approach for handling over or under applied manufacturing overhead is discussed. The method addresses the difference between actual and applied manufacturing overhead. Three options for dealing with the discrepancy are presented: closing out the balance to cost of goods sold, prorating the balance among work in process inventory, finished goods inventory, and cost of goods sold, or revisiting each job in job order costing if actual overhead exceeds applied overhead. The latter option allows for recalculating the manufacturing overhead rate based on actual figures for each job affected.
