At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates overhead costs. $600.000, and direct materials costs $300,000 At year-end, the company reports that actual overhead costs for the year are $609.300. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate Determine whether overhead is over- or underapplied (and the amount) for the yeat 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Determine the predetermined overhead rate using estimated direct materials cost. Numerator Estimated overhead costs S Overhead Rate Denominator: Estimated direct material costs 5 Overhead Rate Overhead rate 2005 600.000 300,000 Required 2 > At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates overhead costs. $600,000, and direct materials costs, $300,000 At year-end, the company reports that actual overhead costs for the year are $609,300 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied and the amount) for the year 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required: Required 2 Required Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over: or underapplied and the amount) for the year Factory Overhead Required 1 Required 2 BOERE Required 3 Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet > Close underapplied overhead to COGS. Note: Enter debits before credits General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal Required 2 At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates overhead costs, $600,000, and direct materials costs, $300,000 At year-end, the company reports that actual overhead costs for the year are $609,300 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Determine the predetermined overhead rate using estimated direct materials costs. Numerator Estimated overhead costs 5 Overhead Rate Denominator Estimated direct material costs $ 300,000 Overhead Rate Overhead rate 200% 600.000 Required 2 > At the beginning of the year. Custom Manufacturing set its predetermined overhead rate using the following estimates, overhead costs, 5600,000, and direct materials costs $300 000 At year-end, the company reports that actual overhead costs for the year are $609,300. 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate Determine whether overhead is over or underapplied (and the amount) for the year, 3. Prepare the entry to close any over or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required 1 Regul2 ub Required a Enter the actual overhead couts incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over or underapplied (and the amount) for the year Factory Overhead 0 At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates overhead costs $600,000, and direct materials costs $300,000 At year-end, the company reports that actual overhead costs for the year are $609,300 1. Determine the predetermined overhead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead rate. Determine whether overhead is over- or underapplied (and the amount) for the year 3. Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below. ces Required 1 Required 2 Required a Prepare the entry to close any over of underapplied overhead to Cost of Goods Sold. View transaction ist Journal entry worksheet
