At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predic

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At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $580,000, and direct materials costs, $200,000. At year-end, the company's records show that actual overhead costs for the year are $1,571,500. Actual direct materials cost had been assigned to jobs as follows. Jobs completed and sold Jahn in finished andr incontami $410,000 01 200

Jobs completed and sold Jobs in finished goods inventory Jobs in work in process inventory Total actual direct materials cost. $410,000 81,000 48,000 $539,000 1. Determine the predetermined overhead rate. Next

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. answers in tl

Req 1 Req 2 and 3 Req 4 Determine the predetermined overhead rate. Choose Numerator: Overhead Rate /Choose Denominator: 1 1 Regi L = Overhead Rate Overhead rate Req 2 and 3 >

Enter the overhead costs incurred and the amounts ap year using the predetermined overhead rate and deteri overhead is overapplied or underapplied. Factory Overhead

Record entry to allocate underapplied /overapplied overhead. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit