(Solved): Exercise 1526 (Algo) Computing applied overhead and closing over-or underapplied overhead LO P4 ...

Exercise $$15?26$$ (Algo) Computing applied overhead and closing over-or underapplied overhead LO P4 At the beginning of the year, Cistom Manifacturing set its predelermined averhesd rale using the following estimates: overhead costs, $$\$690.000$$, and direct materials costs, $$\$300,000$$. At year-end, the compary reports thet iectual overhe ad costs for the year ara: $$\$699,300$$ and actual direct materials costs for the year are $$\$300000$$. 1. Determine the predeterinined ovemead rate using estimated direct materials costs 2. Enter the actual overhead costs incurred and the amount of overhead cost appled to jobs durng the year using the predetarmined ovnchead rate. Determine whether overhead is over-or underapplied (and the amount) for the year 3. Prepare the entry to ciose any over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Enter the actual crthead costs incurred and the amount of overhesd cost appled to joos during the year using the predetermined overhead rate. Determine whether overhead is over- or underapoled (and the amount) for the vear. At the begincing of the reer. Cusvem Marufartuing sat its predeterinined overtesd ine ising the folowirg tatinites: orenthead $$5699.300$$ and actax dect materhis costs for the yeer are 5300000 1. Determane the predefermined overfadd tabe using etst mated dined materials costa owitead rate: Oelermine whether ovechead is ever-or enderafeled land the ancure tor the sear 3. Prepare ere entry to close anp overi of underappicd overifead to Cost of Goods sold; Cemplete this cueatien by entering veur answers in the tabs below. 3atrmal entry worksheet Deqe underaplet everhead to cocs.