Exercise 2-27 (Algo) Computing applied overhead and closing over- or underapplied overhead LO P4 Al the beginning of the year, Mimax set its predetermined overhead rate for movies produced during the year by using the following estimates overhead costs. $1.558,000, and direct labor costs, $410,000 At year-end the company's actual overhead costs for the year are $1547.500 1. Determine the predetermined overhead rote 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. Ovemend Rate Denominator Hences Minerator Overhead Rate Overhead rate 1 Red Required 2 > Exercise 2-27 (Algo) Computing applied overhead and closing over- or underapplied overhead LO P4 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. $1.558,000, and direct labor costs, $410,000. At year-end, the company's actual overhead costs for the year are $1.547,500 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 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 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 $1.558,000 and direct labor costs, $410,000 At year-end, the company's actual overhead costs for the year are $1,547,500 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 over- or underapplied overhead to Cost of Goods Sold. View transaction list Journal entry worksheet 1 Record entry to close underapplied /overapplied overhead. Note: Enter debits before credits General Journal Debit Credit Date December 31
