In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by using the following cost predictions: overhead costs, $1,750,000, and direct labor costs, $500,000. At year-end 2017, the company's records show that actual overhead costs for the year are $1,171,100. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movies still in production Total actual direct labor cost $300,000 38,000 $338,000 1. Determine the predetermined overhead rate for 2017 283. 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. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 38 Reg 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. Actual overhead 1,171,100 1,183,000 (Applied overhead 11,900 Overapplied overhead 23,800 overhead costs for the year are $1,171,100. Actual direct labor Movies completed and released Movies still in production Total actual direct labor cost $300,000 38,000 $338,000 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 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 1 Req 2 and 3 Reg 4 Determine the predetermined overhead rate for 2017. Overhead Rate Choose Numerator: 1 Choose Denominator: Estimated overhead costs 1 Estimated direct labor costs $ 1,750,000 1 $ 500,000 Overhead Rate Overhead rate 350% Reg 2 and 3 > In December 2016, Infodeo established its predetermined overhead rate for movies produced during 2017 by using the follo predictions: overhead costs, $1,750,000, and direct labor costs, $500,000. At year-end 2017, the company's records show th overhead costs for the year are $1,171,100. Actual direct labor cost had been assigned to jobs as follows. Movies completed and released Movie still in production Total actual direct labor cost $300,000 38,000 $338,000 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 a 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. Req1 Req 2 and 3 Reg 4 Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. View transaction list View journal entry worksheet Debit No Credit General Journal Date 11.900 1 Dec. 31 Factory overhead Cost of goods sold 11.900
