At the beginning of the year, Infodeo established its predetermined overhead rate for movies produced during the
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Question:
At the beginning of the year, Infodeo established its predetermined overhead rate for movies produced during the year by using the following cost predictions: overhead costs, $and direct labor costs, $ At yearend, the companys records show that actual overhead costs for the year are $ Actual direct labor cost had been assigned to jobs as follows.
Movies completed and released $
Movies still in production
Total actual direct labor cost $
Determine the predetermined overhead rate for the year.
& Enter the overhead costs incurred and the amounts applied to movies during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied.
Prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold.
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