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Demonstrate the predetermined overhead rate

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Reference no: EM132501344

Question 1: Why do we use predicted overhead costs / direct material costs?

Question 2: To determined the overhead rate

In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, $750,000, and direct materials costs, $625,000. At year-end 2017, the company's records show that actual overhead costs for the year are $830,000. Actual direct materials cost had been assigned to jobs as follows.

Jobs completed and sold                $513,750

Jobs in finished goods inventory        $102,750

Jobs in work in process inventory          $ 68,500

Total actual direct materials cost              $685,000

Question 3: Determine the predetermined overhead rate, using predicted direct materials costs, for 2017.

Reference no: EM132501344

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