2 In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $570,000, and direct materials costs, $300,000. At year-end 2017, the company's records show that actual overhead costs for the year are $956,700. Actual direct material cost had been assigned to jobs as follows. 01:58:56 Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $370,000 79,000 50,000 $499,000 1. Determine the predetermined overhead rate for 2017. 2&3. 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Req 4 Determine the predetermined overhead rate for 2017. Overhead Rate Choose Denominator: Choose Numerator: Overhead Rate / = Overhead rate 1 = 3 During the current month, a company that uses job order costing purchases $84,000 in raw materials for cash. It then uses $21,000 of raw materials indirectly as factory supplies and uses $51,000 of raw materials as direct materials. Prepare journal entries to record these three transactions View transaction list 8 01:58:33 Journal entry worksheet 1 2 3 > Record the raw materials purchase for $84,000, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 4 During the current month, a company that uses job order costing incurred a monthly factory payroll of $237,500. Of this amount, $51,000 is classified as indirect labor and the remainder as direct. Prepare journal entries to record these transactions. View transaction list 01:58:19 Journal entry worksheet Record the cost of direct labor used. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal