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In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $560,000, and direct materials costs, $400,000. At year-end 2017, the company's records show that actual overhead costs for the year are $779,700, 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 materiale cont $410,000 81,000 59.000 $550,000 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 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. Rea 1 Reg 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 verapplied or underapplied. Factory Overhead 779,700 Actual overhead 779.700 In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $560,000, and direct materials costs, $400,000. At year-end 2017, the company's records show that actual overhead costs for the year are $779,700. 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 materiale cost $410,000 81,000 59,000 $550,000 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 Red 2 and 3 Reg 4 Prepare the adjusting entry to allocate any over- or underapplied overhead to cost of Goods Sold. View transaction lit View journal entry worksheet No Date General Journal Dec 31 Cost of goods sold Factory overhead Debit Credit 1