1st question

2nd question

In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $1,800,000, and direct materials costs, $600,000. At year-end 2017, the company's records show that actual overhead costs for the year are $1,620,700. Actual direct material cost had been assigned to jobs as follows. ped Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $410,000 76,000 51,000 $ 537,000 Bok Int int 1. Determine the predetermined overhead rate for 2017 283. Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. ences 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. CH Complete this question by entering your answers in the tabs below. Req1 Reg 2 and 3 Reg 4 Determine the predetermined overhead rate for 2017, Choose Numerator: Overhead Rate Choose Denominator: 1 Overhead Rate Overhead rate 0 Join Umurappies overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. Factory Overhead 0 Journal entry worksheet Record entry to allocate underapplied /overapplied overhead. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal The following information is from the materials requisitions and time tickets for Job 9-1005 completed by Great Bay Boats. The requisitions are identified by code numbers starting with the letter Q. and the time tickets start with W. At the start of the year, management estimated that overhead cost would equal 110% of direct labor cost for each job. Date 7/1/2017 7/1/2017 7/5/2017 7/5/2017 7/10/2017 Document Q-4698 W-3393 Q-4725 W-3479 W-3559 Amount $1,250 600 1,000 450 300 Determine the total cost on the job cost sheet for Job 9-1005. JOB COST SHEET: Job 9.1005 Direct Materials Direct Labor Total Cost Date Requisition No. Amount Time-Ticket No. Amount Overhead Costs Applied 07/01/2017 07/05/2017 07/10/2017