Exercise 19-15 Factory overhead computed, applied, and adjusted LO P3, P4 At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $750,000, and direct materials costs, $500,000. At year-end, the company's records show that actual overhead costs for the year are $814,500. Actual direct materials cost had been assigned to jobs as follows. $410,000 71,000 Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost 56,000 $537,000 1. Determine the predetermined overhead rate. 2&3. 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. Req 1 Reg 2 and 3 Req 4 Determine the predetermined overhead rate. Overhead Rate Overhead Choose Numerator: 1 Choose Denominator: Rate Estimated overhead Estimated direct material / = Overhead rate costs costs $ 750,000 $ 500,000] = 150% Reg 1 Req 2 and 3 > Complete this question by entering your answers in the tabs below. Reg 2 Req 1 and 3 Req 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. Show less A Factory Overhead Actual overhead 805,500 Overapplied overhead Underapplied overhead 805,500 1. Determine the predetermined overhead rate. 2&3. 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 2 Req 1 Req 4 and 3 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. General Journal Debit Credit Date Dec 31 Record entry View general journal Clear entry