Chapter - 15 Homework 2 In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $720,000, and direct materials costs, $300,000. At year-end 2017, the company's records show that actual overhead costs for the year are $1,145,700. Actual direct material cost had been assigned to jobs as follows. 1.8 points Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $350,000 73,000 51,000 $ 474,000 eBook Hint 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. Print Complete this question by entering your answers in the tabs below. References Req1 Req 2 and 3 Reg 4 Determine the predetermined overhead rate for 2017. Overhead Rate 1 Choose Denominator: Choose Numerator: Overhead Rate Overhead rate Reg 2 and 3 > In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $720,000, and direct materials costs, $300,000. At year-end 2017, the company's records show that actual overhead costs for the year are $1,145,700. Actual direct material cost had been assigned to jobs as follows. 1.8 points Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $350,000 73,000 51,000 $ 474,000 eBook Hint 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. Print Complete this question by entering your answers in the tabs below. References Req1 Req 2 and 3 Req4 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 materials costs, $300,000. At year-end 2017, the compa actual overhead costs for the year are $1,145,700. Actual direct material cost had been assigned to jobs as follo 1.8 points Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $350,000 73,000 51,000 $ 474,000 eBook BE Hint 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 overh determine whether overhead is overapplied or underapplied. 4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. Print Complete this question by entering your answers in the tabs below. References Req1 Req 2 and 3 keq Prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet Record entry to allocate underapplied /overapplied overhead Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal AY 26 X P 0 Gw