Exercise 19-26 (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, $520,000, and direct materials costs. $400,000. At year-end, the company reports that actual overhead costs for the year are $528,600 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. 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 materials costs Overhead Rats Numerator Denominator Overhead Rate Overhead rate Reque Required 2 > Exercise 19-26 (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 $520,000, and direct materials costs, $400,000. At year-end, the company reports that actual overhead costs for the year are $528,600 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 ces Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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, 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 Close underapplied overhead to COGS Note: Enter debits before credits General Journal Debit Credit Dato December 31 Record entry Clear entry View general journal Exercise 19-26 (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 $520,000, and direct materials costs, $400,000. At year-end, the company reports that actual overhead costs for the year are $528,600 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. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Determine the predetermined overhead rate using estimated direct materials costs Overhead Rate Denominator Numerator Overhead Rate Overbread rate Required 2 > Exercise 19-26 (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, $520,000, and direct materials costs, $400,000. At year end, the company reports that actual overhead costs for the year are $528.600 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 0 Complete this question by entering your answers in the tabs below. De 1 Required 2 Required Enter the actual overhead costs incurred and the amount of overhead cost applied to jobs during the year using the predetermined overhead vote Determine whether overhead is over or underapplied and the amount) for the year Factory Overhead 0 At the beginning of the year. Custom Manufacturing set its predetermined overhead rate using the following estimates overhead costs $520,000, and direct materials costs, $400,000. At year end, the company reports that actual overhead costs for the year are $528,600 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. Complete this question by entering your answers in the tabs below. 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 Close underapplied overhead to COGS Note Enter dit before credit
