Saved ework He Exercise 15-15 Factory overhead computed, applied, and adjusted LO P3, P4 In December 2016. Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $140,000, and direct materials costs, $100,000. At year-end 2017, the company's records show that actual overhead costs for the year are $683,400. Actual direct material cost had been assigned to jobs as follows Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost $350,000 81,000 51,000 $482,000 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 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 1 Reg 2 and 3 Reg4 Determine the predetermined overhead rate for 2017, Overhead R d Rate Choose Numerator: Choose Denominator: Overhead Rato Overhead rate 1 1 Roq 2 and 3 > wowa IL WUN LUCED VENLY Total actual direct materials cost $482,000 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 rat 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 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 Req 1 Req 2 and 3 Req 4 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 Date Dec 31 Debit Credit Record entry Clear entry View general Journal