At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions overhead costs, $1,250,000 and direct materials costs, $500.000. At year-end, the company's records show that actual overhead costs for the year are $1,388,000. Actual direct materials cost had been assigned to jobs as follows Bobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $420,000 81,000 51,000 $552,000 1. Determine the predetermined overhead rate 283. Enter the overhead costs incurred and the amounts applied to jobs 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. Req1 Reg 2 and 3 Reg 4 Determine the predetermined overhead rate. Choose Numerator: Estimated overhead costs $ 1,250,000 Overhead Rate 1 Choose Denominator: 1 Estimated direct material costs 1 $ 500.000 Overhead Rate Overhead rate 250% Rom Req2 and 3 > At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions overhead costs, $1,250,000, and direct materials costs $500,000. At year-end, the company's records show that actual overhead costs for the year are $1,388,000. Actual direct materials cost had been assigned to jobs as follows Jobs completed and sold Jobs in finished goods inventory Jobs in work in process Inventory Total actual direct materials cost $420,000 81,000 51,000 5552,000 1. Determine the predetermined overhead rate, 283. Enter the overhead costs incurred and the amounts applied to jobs 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 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 Actual overhead 1.388.000 1,380,000 Applied overhead Underapplied overhead 8.000 At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions overhead costs, $1,250,000, and direct materials costs. $500,000. At year-end, the company's records show that actual overhead costs for the year are $1,388,000. Actual direct materials cost had been assigned to jobs as follows. $420,000 Dobs completed and sold Jobs in finished goods inventory Jobs in work in process Inventory Total actual direct materials cost 81,000 51,000 $552,000 1. Determine the predetermined overhead rate. 283. Enter the overhead costs incurred and the amounts applied to jobs 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 Reg 4 Prepare the adjusting entry to allocate any over or underapplied overhead to cost of Goods Sold View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31 8.200 Cost of goods sold Factory overhead 8,200
