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In December 2010, Ultravision established its predetermined overhead rate for movies produced during year 2011 by using the following cost predictions: overhead costs, $1,800,000, and direct labor costs, $450,000. At year end 2011, the companys records show that actual overhead costs for the year are $1,770,000. Actual direct labor cost had been assigned to jobs as follows.

Movies completed and released	$	400,000
Movies still in production		45,000
Total actual direct labor cost	$	445,000

10.

value: 10.00 points

Required information

1.	Determine the predetermined overhead rate for year 2011. (Omit the "%" sign in your response.)

Predetermined overhead rate

%

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11.

value: 10.00 points

Required information

2.	Enter the overhead costs incurred and the amounts applied to movies during the year using the predetermined overhead rate in the T-account provided below. (Omit the "$" sign in your response.)

Factory Overhead

(Click to select)AppliedOverappliedIncurredUnderapplied			(Click to select)IncurredUnderappliedAppliedOverapplied

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12.

value: 10.00 points

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3.	Determine whether overhead is overapplied or underapplied (and the amount) during the year. (Input all amounts as positive values. Omit the "$" sign in your response.)

(Click to select)UnderappliedOverapplied

$

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13.

value: 10.00 points

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4.	Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold. (Omit the "$" sign in your response.)

Date	General Journal	Debit	Credit
Dec. 31	(Click to select)Other accountsCashGoods in process inventoryCost of goods soldFactory overheadFactory payrollAccounts payableRaw materials inventory
	(Click to select)Factory overheadAccounts payableCost of goods soldRaw materials inventoryOther accountsGoods in process inventoryFactory payrollCash