At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $1,640,000, and direct labor costs, $410,000. At year-end, the company's actual overhead costs for the year are $1,628,600 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies 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 labor costs, Overhead Rate Numerator Denominator: Overhead Rate Overhead rate 1 required Required 2 > At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $1,640,000, and direct labor costs, $410,000. At year-end, the company's actual overhead costs for the year are $1,628,600 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies 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: Required2 Required 3 Enter the actual overhead costs incurred and the amount of overhead cost applied to movies 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 Required 3 Prepare the entry to close any over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $1,640,000, and direct labor costs, $410,000. At year-end, the company's actual overhead costs for the year are $1,628,600 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies 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 labor costs. Overhead Rate Numerator: Denominator Overhead Rato Overhead rate 1 wed Required 2 > Help At the beginning of the year, Mirmax set its predetermined overhead rate for movies produced during the year by using the following estimates: overhead costs, $1,640,000, and direct labor costs, $410,000. At year-end, the company's actual overhead costs for the year are $1,628,600. 1. Determine the predetermined overhead rate using estimated direct labor costs. 2. Enter the actual overhead costs incurred and the amount of overhead cost applied to movies 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 Prepare the entry to close any overfor underapplied overhead to cost of Goods Sold. View transaction list Journal entry worksheet Record entry to close underapplied /overapplied overhead. Note: Enter debits before credits Date December General Journal Debit Credit
