Please answer the following questions At the beginning of the year, Custom Mfg established its predetermined overhead rate by using the following cost predictions overhead costs, $800,000, and direct materials costs, $400,000 At year end, the companys records show that actual overhead costs for the year are $1,031,600 Actual direct materials cost had been assigned to jobs as follows Jobs completed and sold $ 370,000 Jobs in finished goods inventory 83,000 Jobs in work in process inventory 58,000 Total actual direct materials cost $ 511,000 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 Options for numerator and denominator (1st bar) Accounts receivable Average raw materials inventory Cost of goods sold Estimated direct material costs Estimated overhead costs Net sales Raw materials used Options for the1st and the last columns Actual overhead Direct labor cost Estimated overhead Applied overhead Underapplied overhead Overapplied overhead Options for the General Journal Accounts payable Accounts receivable Cash Cost of goods sold Factory overhead Factory payroll Raw materials inventory Work in process inventory Req 1 Reg 2 and 3 Req 4 Determine the predetermined overhead rate Overhead Rate Choose Numerator Choose Denominator Overhead Rate Overhead rate 0 Reg 1 Reg 2 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 Factory Overhead Journal entry worksheet 1 Record entry to allocate underapplied overapplied overhead Note Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal

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Please answer the following questions At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead

Please answer the following questions

At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $800,000, and direct materials costs, $400,000. At year-end, the companys records show that actual overhead costs for the year are $1,031,600. Actual direct materials cost had been assigned to jobs as follows.


Jobs completed and sold	$	370,000
Jobs in finished goods inventory		83,000
Jobs in work in process inventory		58,000
Total actual direct materials cost	$	511,000

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.

image text in transcribed Options for numerator and denominator (1st bar)

Accounts receivable
Average raw materials inventory
Cost of goods sold
Estimated direct material costs
Estimated overhead costs
Net sales
Raw materials used

image text in transcribed Options for the1st and the last columns

Actual overhead
Direct labor cost
Estimated overhead
Applied overhead
Underapplied overhead
Overapplied overhead

image text in transcribed Options for the General Journal

Accounts payable
Accounts receivable
Cash
Cost of goods sold
Factory overhead
Factory payroll
Raw materials inventory
Work in process inventory

Req 1 Reg 2 and 3 Req 4 Determine the predetermined overhead rate. Overhead Rate Choose Numerator: Choose Denominator: Overhead Rate = Overhead rate / = 0 Reg 1 Reg 2 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. Factory Overhead Journal entry worksheet 1 Record entry to allocate underapplied /overapplied overhead. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal