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Question - At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the following cost predictions: overhead costs, $1,040,000, and direct materials costs, $400,000. At year-end, the company's records show that actual overhead costs for the year are $1,369,300. Actual direct materials cost had been assigned to jobs as follows.
Jobs completed and sold
$400,000
Jobs in finished goods inventory
75,000
Jobs in work in process inventory
48,000
Total actual direct materials cost
$523,000
Required -
1. Compute the predetermined overhead rate.
2&3. Compute 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.
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