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

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Accounting

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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, $640,000, and direct materials costs, $400,000. At year-end, the company's records show that actual overhead costs for the year are $771,300. Actual direct materials cost had been assigned to jobs as follows. Joba completed and sold Jobs in finished goods inventory Jobe in work in process inventory Total actual dlject materiale cost $360,000 71,000 46.000 $477,000 1. Determine the predetermined overhead rate. 283. 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Req Enter the overhead costs incurred and the amounts appled during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied. Factory Overhead Appled overhead Actual overhead 0

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