Course Hume - Midler m 1-Parl B (Ch. 1-3) × Course Home 31,383 unread- arisonasd
ID: 2338943 • Letter: C
Question
Course Hume - Midler m 1-Parl B (Ch. 1-3) × Course Home 31,383 unread- arisonasd XG 1. Delermine the predelermX+ Chttps://newconnect.mheducation.com/flow/connect html Apps wolfram lpha Oakland Raiders Tici ci 54 phil60 ong15 into Bus @ ( lculu Connect Class: M, " dink Login Live stock, index, fut Q ACCY 202: Chapter 1 Help Save S ExSubemit In December 2016, Custom Mfqestablished ts predleterminedl overnead rate for jobe produced during 2017 by using the following cost predrtinns, mverhead rnsts $300 000 nd direct materials costs, $300,000 At year-end 2017, the rnmpany's rrrorcs show that actual overheed costs fur the year are 5713,500 Aetual direct materiel cost hed bee asgried to jobs as fellows cepleted and sold 5418,00 Jobs in tintshed goods inventory Jobs in work in process im-entory $546,80 oa) 1. Detenmine the predetenminedl overnead rate tor 201 283. Fnte the owethead cass Incured and the amaunts applied duning the year using the cetermine whether overhead is overapplied or underapplied. 4, Prepare the adlusting entry to allocate any over-or underappied overhcad to Cost of Goods Sold. Complete this question by entering your ansvers in the tabs below. Ren 1 Enter the owerhead costs incurred and the amounts appied during the year using the predetermined overhead rate and Heq 1 Req 4> Next >Explanation / Answer
1 Estimated overhead costs/Estimated direct materials cost = Overhead rate 390000/300000= 130% 2&3 Factory overhead Actual overhead 718500 709800 Applied overhead Underapplied overhead 8700 4 Cost of goods sold 8700 Factory overhead 8700 Workings: Applied overhead = 546000*130% = $709800