Exercise 15-26 (Algo) Computing applied overhead and closing over- or underapplied overhead LO P4

At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the following estimates: overhead costs, $930,000, and direct materials costs, $300,000.At year-end, the company reports that actual overhead costs for the year are $939,400. 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.

Exercise 15.26 (Algo) Computing applied overhead and closing over-or underapplied overhead LO P4 At the beginning of the year, Custom Manufacturing sot its predetermined onerhead rate using the following estimates avertiead costs $930,000, and ditect mugerials costs, $300,000 At yeadiend, the company reperts that actual overhesd costs for the year are $939400 1. Dotermine the predetermined ovechead rate using estimated drect materials costs 2. Fnter the actual oyerhead costs incurred and the amount of oyerhesd cost applied to jobs during the year using the predesermined owerhead rate. Determine whether overhead is over-or underapplied iond the amount for the yeor. 3. Prepare the entry to close any over- or underappied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below, Deternine the prectetermined overhead rate using evimated divect materials cosss. Exercise 1526 (Algo) Computing applied overhead and closing over-or underapplied overhead LO P4 At the begining of the year, Custom Manufacturing set its predetermined ovethesd rate using the following estimates: overtiead costs, 5090,000 , and direct maleriabs costs, $300,000 At yoar-end, the compary reperts that actual overhead costs for the year are 3939400 1. Determine the predelermined overhesd rase ising estimated direct materials costs 2. Eriner the actual overheod costs incured and the ameunt of overhesd cost aeplod to jobs during the year using the prectetermined. gverhesd rate. Determine whether overhesd is ever- or underapolied (and the amount for the year 3. Prepare the entry to close any overi or underapgled overhead to Cost of Goods Sold. Cemplete this question by entering yeur answers in the tabs below. Enter the actual prerthead costs incurred and the amourt of overtead cout applied to pos during the vear uging the predetermined overtead rate. Determine whether overbead is ever- or underaopted (and the amount for the vear repare the entry to close any over- or underapplied overhead to Cost of Goods Sold. Journal entry worksheet Note: Enter debits before credits