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At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $750.000. and direct materlals costs, $625,000.

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At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $750.000. and direct materlals costs, $625,000. At year-end the company reports that actual overhead costs for the year are $758,000 and actual direct materials costs for the year are $625.000. 1. Determine the predetermined overhead iate using estimated direct materials costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applled to jobs during the year using the predeterimined ovethead rate. Determine whether overhead is over-or underapplied (and the amount) for the year. 3. Prepare the entry to close any over-or underapplled overhead to Cost of Goods Sold. are the entry to close any over-or underapplied overhead to Cost of Goods Sold. At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $750.000. and direct materlals costs, $625,000. At year-end the company reports that actual overhead costs for the year are $758,000 and actual direct materials costs for the year are $625.000. 1. Determine the predetermined overhead iate using estimated direct materials costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applled to jobs during the year using the predeterimined ovethead rate. Determine whether overhead is over-or underapplied (and the amount) for the year. 3. Prepare the entry to close any over-or underapplled overhead to Cost of Goods Sold. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year usir predetermined overhead rate. Determine whether overhead is over-or underapplied (and the amount) for the Complete this question by entering your answers in the tabs below. Determine the predetermined overhead rate using estimated direct materials costs. Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year usir predetermined overhead rate. Determine whether overhead is over-or underapplied (and the amount) for the are the entry to close any over-or underapplied overhead to Cost of Goods Sold

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